Obama, Romney Clash Over Tax Plans, Deficit In 1st Debate

Law360, New York (October 3, 2012, 11:28 PM EDT) -- President Barack Obama and Republican presidential nominee Mitt Romney squared off Wednesday over taxes, job creation, deficit reduction, energy and regulation in the first presidential debate leading up to the November election, highlighted by a prolonged discussion on tax revenues.

The debate seemed for stretches to be an extended back-and-forth over competing tax plans. The president repeatedly assailed Romney for what he called a $5 trillion tax cut — the Republican candidate's plan to lower the individual tax rate for the highest-earning Americans.

"Let me make...
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