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Washington Beat: Reviewing Obama And Romney's Economic Proposals

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In their debate Wednesday, President Barack Obama and Gov. Mitt Romney laid out their plans to create jobs and grow the economy. Washington Bureau Reporter Erin Billups took a look at each candidate's proposal and filed the following report.

During Wednesday night's debate, the presidential candidates volleyed back and forth on how they plan to spur job growth, while also reducing the country's rapidly growing deficit

Former Massachusetts Gov. Mitt Romney's plan centers around across-the-board tax cuts.

"I do want to reduce the burden being paid by middle-income Americans," Romney said. "To do that, it also means I cannot reduce the burden on high income Americans."

President Barack Obama, meanwhile, calls for a mixture of tax increases on the wealthy and tax cuts for the middle class.

"By doing that, we can not only reduce the deficit, we can not only encourage job growth through small businesses but we're also able to make the investments necessary in education," he said.

Georgetown University Public Policy Professor Harry Holzer says while Romney clearly won the debate based on style and performance, President Obama's plan for growing the economy is what most economists believe will work.

"You want to have targeted spending and very targeted tax cuts to spur job creation in the short term over the next few years, while you do deficit reduction over the long term," Holzer said.

"The revenue I get is by more people working, getting higher pay, paying more taxes," Romney said at the debate.

Holzer said the lack of specifics in Romney's plan, which calls for the elimination of various deductions to pay for lowered taxes, is glaring.

"Independent analysts can’t find, in many cases, enough deductions to make up for the massive revenue loss," he said.

"It's math, it's arithmetic," Obama said at the debate.

But Holzer says the president's math is off as well, that keeping taxes low for the middle class permanently is not realistic.

"That’s probably not enough to generate all the revenue we need," Holzer said. "So taxes do have to go up, first on high income people. Eventually on the middle class as well."

Meanwhile, both candidates agree that lowering the corporate tax rate and investing in targeted, skills-based training for potential workers are also major keys to sustained job and economic growth.

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