- 01: "...I believe that we do best when the middle class is doing well."
- 02: "And this is where there's a difference, because Governor Romney's central economic plan calls for a $5 trillion tax cut -- on top of the extension of the Bush tax cuts -- that's another trillion dollars -- and $2 trillion in additional military spending that the military hasn't asked for."
- 03:"And he is saying that he is going to pay for it by closing loopholes and deductions. The problem is that he's been asked over 100 times how you would close those deductions and loopholes, and he hasn't been able to identify them."
- 04: "And the fact is that if you are lowering the rates the way you described, Governor, then it is not possible to come up with enough deductions and loopholes that only affect high-income individuals to avoid either raising the deficit or burdening the middle class."
- 05: "...and oil and natural gas production are higher than they've been in years."
- 06: "I said that I would cut taxes for middle-class families. And that's exactly what I did. We cut taxes for middle-class families by about $3,600."
- 07: SEE 03
- 08: "And that's why independent studies looking at this said the only way to meet Governor Romney's pledge of not reducing the deficit or -- or -- or not adding to the deficit is by burdening middle-class families. The average middle-class family with children would pay about $2,000 more."
- 09: "And we do have a difference, though, when it comes to definitions of small business. Under -- under my plan, 97 percent of small businesses would not see their income taxes go up. Governor Romney says, well, those top 3 percent, they're the job creators, they'd be burdened."
- 10: SEE 06
- 11: SEE 09
- 12: "The approach that Governor Romney's talking about is the same sales pitch that was made in 2001 and 2003, and we ended up with the slowest job growth in 50 years, we ended up moving from surplus to deficits, and it all culminated in the worst financial crisis since the Great Depression. Bill Clinton tried the approach that I'm talking about. We created 23 million new jobs. We went from deficit to surplus. And businesses did very well."
- 13: SEE 17
- 14: "And I worked with Democrats and Republicans to cut a trillion dollars out of our discretionary domestic budget. That's the largest cut in the discretionary domestic budget since Dwight Eisenhower."
- 15: "Now, we all know that we've got to do more. And so I've put forward a specific $4 trillion deficit reduction plan. It's on a website. You can look at all the numbers, what cuts we make and what revenue we raise."
- 16: "And the way we do it is $2.50 for every cut, we ask for $1 of additional revenue, paid for, as I indicated earlier, by asking those of us who have done very well in this country to contribute a little bit more to reduce the deficit."
- 17: "When I walked into the Oval Office, I had more than a trillion-dollar deficit greeting me...So 77 government programs, everything from aircrafts that the Air Force had ordered but weren't working very well, 18 government -- 18 government programs for education that were well-intentioned, not weren't helping kids learn, we went after medical fraud in Medicare and Medicaid very aggressively, more aggressively than ever before, and have saved tens of billions of dollars, $50 billion of waste taken out of the system."
- 18: "...talked about Medicaid and how we could send it back to the states, but effectively this means a 30 percent cut in the primary program we help for seniors who are in nursing homes, for kids who are with disabilities."
- 19: "There has to be revenue in addition to cuts. Now, Governor Romney has ruled out revenue. He's ruled out revenue."
- 20: "The oil industry gets $4 billion a year in corporate welfare."
- 21: "Right now, you can actually take a deduction for moving a plant overseas. I think most Americans would say that doesn't make sense. And all that raises revenue."
- 22: SEE 18
- 23: "It [Medicare/healthcare] wasn't just that this was the biggest driver of our federal deficit..."
- 24: "$716 billion we were able to save from the Medicare program by no longer overpaying insurance companies by making sure that we weren't overpaying providers. And using that money, we were actually able to lower prescription drug costs for seniors by an average of $600, and we were also able to make a -- make a significant dent in providing them the kind of preventive care that will ultimately save money through the -- throughout the system."
- 25: "And the essence of the plan is that you would turn Medicare into a voucher program. It's called premium support, but it's understood to be a voucher program."
- 26: "The problem is that because the voucher wouldn't necessarily keep up with health care inflation, it was estimated that this would cost the average senior about $6,000 a year."
- 27: "But there's still a problem, because what happens is, those insurance companies are pretty clever at figuring out who are the younger and healthier seniors. They recruit them, leaving the older, sicker seniors in Medicare. And every health care economist that looks at it says, over time, what'll happen is the traditional Medicare system will collapse."
- 28: SEE 30
- 29: SEE 31
- 30: "And the primary beneficiary of that repeal are insurance companies that are estimated to gain billions of dollars back when they aren't making seniors any healthier."
- 31: "And when you move to a voucher system, you are putting seniors at the mercy of those insurance companies. And over time, if traditional Medicare has decayed or fallen apart, then they're stuck. And this is the reason why AARP has said that your plan would weaken Medicare substantially."
- 32: "...first of all, every study has shown that Medicare has lower administrative costs than private insurance does..."
- 33: "But you also had banks making money hand over fist, churning out products that the bankers themselves didn't even understand, in order to make big profits, but knowing that it made the entire system vulnerable."
- 34: "We stepped in and had the toughest reforms on Wall Street since the 1930s."
- 35: "Now, Governor Romney has said he wants to repeal Dodd-Frank."
- 36: "In the meantime, by the way, we also made sure that all the help that we provided those banks was paid back every single dime, with interest."
- 37: " The reason we have been in such a enormous economic crisis was prompted by reckless behavior across the board. Now, it wasn't just on Wall Street...We've going to make sure that you've got to have a living will so -- so we can know how you're going to wind things down if you make a bad bet so we don't have other taxpayer bailouts..." FOR "TOUGHEST REFORMS" -- SEE 34; FOR DODD FRANK -- SEE 35
- 38: "And let me tell you exactly what Obamacare did. Number one, if you've got health insurance, it doesn't mean a government takeover. You keep your own insurance. You keep your own doctor. But it does say insurance companies can't jerk you around. They can't impose arbitrary lifetime limits. They have to let you keep your kid on their insurance -- your insurance plan until you're 26 years old. And it also says that you're going to have to get rebates if insurance companies are spending more on administrative costs and profits than they are on actual care...the irony is that we've seen this model work really well in Massachusetts..."
- 39: "And over the last two years, health care premiums have gone up -- it's true -- but they've gone up slower than any time in the last 50 years."
- 40: "In fact, it's estimated that by repealing Obamacare, you're looking at 50 million people losing health insurance..."
- 41: "...but the fact of the matter is, we used the same advisers, and they say it's the same plan. It -- when Governor Romney talks about this board, for example, unelected board that we've created, what this is, is a group of health care experts, doctors, et cetera, to figure out, how can we reduce the cost of care in the system overall?...So at Cleveland Clinic, one of the best health care systems in the world, they actually provide great care cheaper than average. And the reason they do is because they do some smart things." FOR HEALTHCARE PREMIUMS -- SEE 39
- 42: "Let me just point out first of all this board that we're talking about can't make decisions about what treatments are given. That's explicitly prohibited in the law."
- 43: "Now, that also means that you've got more customers. But when -- when Governor Romney says that he'll replace it with something, but can't detail how it will be in fact replaced..."
- 44: "There's a reason why Governor Romney set up the plan that he did in Massachusetts. It wasn't a government takeover of health care. It was the largest expansion of private insurance."
- 45: "Well, actually Governor, that isn't what your plan does. What your plan does is to duplicate what's already the law, which says if you are out of health insurance for three months, then you can end up getting continuous coverage and an insurance company can't deny you if you've -- if it's been under 90 days."
- 46: "We've got a program called Race to the Top that has prompted reforms in 46 states around the country, raising standards, improving how we train teachers."
- 47: "...Governor Romney doesn't think we need more teachers."
- 48: "But -- but what it did do is to -- if you extrapolated how much money we're talking about, you'd look at cutting the education budget by up to 20 percent."
- 49: "So there was no risk for the banks or the lenders, but they were taking billions out of the system. And we said, "Why not cut out the middleman?" And as a consequence, what we've been able to do is to provide millions more students assistance, lower or keep low interest rates on student loans."
- 50: "...he tells a student that, you know, 'you should borrow money from your parents to go to college'..."
- 51: "And, you know, yes, have we had some fights between me and the Republicans when -- when they fought back against us reining in the excesses of Wall Street? Absolutely, because that was a fight that needed to be had."
- 52: "That's how we signed three trade deals into law that are helping us to double our exports and sell more American products around the world."
- 53: "And I've got to tell you, Governor Romney, when it comes to his own party during the course of this campaign, has not displayed that willingness to say no to some of the more extreme parts of his party."
October 3, 2012 Presidential Election - Obama Quotes
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