President Obama criticized Mitt Romney's tax proposals at the debate.
"Now, Gov. Romney’s proposal that he has been promoting for 18 months calls for a $5 trillion tax cut, on top of $2 trillion additional spending for our military," said Obama. "And he is saying he is going to pay for it by closing loopholes and deductions. The problem is, he has been asked over 100 times, how do you close those loopholes and deductions, and he has not been able to identify them."
Instead, Obama said, independent analyses have shown it would not be possible to close enough loopholes and deductions to make up the $5 trillion — with the only way left being to increase taxes on the middle class.