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JIMLEHRER:GoodeveningfromtheMagnessArenaattheUniversityofDenverinDenver,Colorado.I'mJimLehrerofthePBSNewsHour,andIwelcomeyoutothefirstofthe2012presidentialdebatesbetweenPresidentBarackObama,theDemocraticnominee,andformerMassachusettsGovernorMittRomney,theRepublicannominee.Thisdebateandthenextthree—twopresidential,onevice-presidential—aresponsoredbytheCommissiononPresidentialDebates.Tonight's90minuteswillbeaboutdomesticissues,andwillfollowaformatdesignedbythecommission.Therewillbesixroughly15-minutesegments,withtwo-minuteanswersforthefirstquestion,thenopendiscussionfortheremainderofeachsegment.ThousandsofpeopleofferedsuggestionsonsegmentsubjectsofquestionsviatheInternetandothermeans,butImadethefinalselections,andfortherecord,theywerenotsubmittedforapprovaltothecommissionorthecandidates.Thesegments,asIannouncedinadvance,willbethreeontheeconomyandoneeachonhealthcare,theroleofgovernment,andgoverning,withanemphasisthroughoutondifferences,specificsandchoices.Bothcandidateswillalsohavetwo-minuteclosingstatements.Theaudiencehereinthehallhaspromisedtoremainsilent.Nocheers,applause,boos,hisses—amongothernoisydistractingthings—sowemayallconcentrateonwhatthecandidateshavetosay.Thereisanoiseexceptionrightnow,though,aswewelcomePresidentObamaandGovernorRomney.(Cheers,applause.)Gentlemen,welcometoyouboth.Let'sstarttheeconomy,segmentone.Andlet'sbeginwithjobs.Whatarethemajordifferencesbetweenthetwoofyouabouthowyouwouldgoaboutcreatingnewjobs?Youhavetwominutes—eachofyouhavetwominutestostart.Thecointosshasdetermined,Mr.President,yougofirst.PRESIDENTBARACKOBAMA:Well,thankyouverymuch,Jim,forthisopportunity.IwanttothankGovernorRomneyandtheUniversityofDenverforyourhospitality.TherearealotofpointsthatIwanttomaketonight,butthemostimportantoneisthat20yearsagoIbecametheluckiestmanonearthbecauseMichelleObamaagreedtomarryme.(Laughter.)AndsoIjustwanttowish,Sweetie,youhappyanniversaryandletyouknowthatayearfromnow,wewillnotbecelebratingitinfrontof40millionpeople.(Laughter.)Youknow,fouryearsagowewentthroughtheworstfinancialcrisissincetheGreatDepression.Millionsofjobswerelost.Theautoindustrywasonthebrinkofcollapse.Thefinancialsystemhadfrozenup.AndbecauseoftheresilienceandthedeterminationoftheAmericanpeople,we'vebeguntofightourwayback.Overthelast30months,we'veseen5millionjobsintheprivatesectorcreated.Theautoindustryhascomeroaringbackandhousinghasbeguntorise.Butweallknowthatwe'vestillgotalotofworktodo.Andsothequestionheretonightisnotwherewe'vebeenbutwherewe'regoing.GovernorRomneyhasaperspectivethatsaysifwecuttaxes,skewedtowardsthewealthy,androllbackregulationsthatwe'llbebetteroff.I'vegotadifferentview.Ithinkwe'vegottoinvestineducationandtraining.Ithinkit'simportantforustodevelopnewsourcesofenergyhereinAmerica,thatwechangeourtaxcodetomakesurethatwe'rehelpingsmallbusinessesandcompaniesthatareinvestinghereintheUnitedStates,thatwetakesomeofthemoneythatwe'resavingaswewinddowntwowarstorebuildAmericaandthatwereduceourdeficitinabalancedwaythatallowsustomakethesecriticalinvestments.Now,itultimatelyisgoingtobeuptothevoters,toyou,whichpathweshouldtake.Arewegoingtodoubledownonthetop-downeconomicpoliciesthathelpedtogetusintothismess,ordoweembraceaneweconomicpatriotismthatsays,Americadoesbestwhenthemiddleclassdoesbest?AndI'mlookingforwardtohavingthatdebate.MR.LEHRER:GovernorRomney,twominutes.MR.ROMNEY:Thankyou,Jim.It'sanhonortobeherewithyou,andIappreciatethechancetobewiththepresident.IampleasedtobeattheUniversityofDenver,appreciatetheirwelcomeandalsothepresidentialcommissiononthesedebates.Andcongratulationstoyou,Mr.President,onyouranniversary.I'msurethiswasthemostromanticplaceyoucouldimaginehere—herewithme,soI—(laughter)—congratulations.Thisisobviouslyaverytendertopic.I'vehadtheoccasionoverthelastcoupleofyearsofmeetingpeopleacrossthecountry.IwasinDayton,Ohio,andawomangrabbedmyarm,andshesaid,I'vebeenoutofworksinceMay.Canyouhelpme?AnnyesterdaywasarallyinDenver,andawomancameuptoherwithababyinherarmsandsaid,Ann,myhusbandhashadfourjobsinthreeyears,part-timejobs.He'slosthismostrecentjob,andwe'venowjustlostourhome.Canyouhelpus?Andtheanswerisyes,wecanhelp,butit'sgoingtotakeadifferentpath,nottheonewe'vebeenon,nottheonethepresidentdescribesasatop-down,cuttaxesfortherich.That'snotwhatI'mgoingtodo.Myplanhasfivebasicparts.One,getusenergyindependent,NorthAmericanenergyindependent.Thatcreatesaboutfourmillionjobs.Numbertwo,openupmoretrade,particularlyinLatinAmerica;crackdownonChinaifandwhentheycheat.Numberthree,makesureourpeoplehavetheskillstheyneedtosucceedandthebestschoolsintheworld.We'refarawayfromthatnow.Numberfour,getustoabalancedbudget.Numberfive,championsmallbusiness.It'ssmallbusinessthatcreatesthejobsinAmerica.Andoverthelastfouryearssmall-businesspeoplehavedecidedthatAmericamaynotbetheplacetoopenanewbusiness,becausenewbusinessstartupsaredowntoa30-yearlow.Iknowwhatittakestogetsmallbusinessgrowingagain,tohirepeople.Now,I'mconcernedthatthepaththatwe'reonhasjustbeenunsuccessful.Thepresidenthasaviewverysimilartotheviewhehadwhenheranfouryearsago,thatabiggergovernment,spen