First Presidential Debate Held in Denver - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

First Presidential Debate Held in Denver

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Republican Mitt Romney and President Barack Obama tangled over taxes in their first presidential debate.

Romney says Obama mischaracterized his tax plan by calling it a $5 trillion tax cut. Obama responded that Romney appears to be backing away from his own plan.

Romney said "everything" Obama said about Romney's tax plan is inaccurate. Most importantly, Romney said his plan will not increase taxes for the middle class, as Obama contended.

Romney says his plan is to provide tax relief by lowering them for all Americans, while eliminating deductions and exemptions in the tax code.

Obama retorted that Romney appears to be saying "never mind" about his own tax plan. Obama says he will lower taxes for middle-class families.

The president also cited former President Bill Clinton, suggesting the nation should return to the Clinton-era tax rates he says would lead to economic growth.

Obama says simple "math" and "common sense" show Romney's approach is not a recipe for job growth.

Romney says virtually everything Obama says about his tax plan is inaccurate. Romney says his plan will cut taxes, reduce spending and grow the economy.

Romney says, quote, "I will lower taxes on middle income families."

As for health care, Republican Mitt Romney vowed to repeal President Barack Obama's health care law, saying it adds costs to the health system and has led to Medicare cuts.

Romney says Obama spent his energy pushing through a massive health care law rather than trying to fix the struggling economy.

Romney said it's expensive and expensive things hurt families.

Obama said his administration worked on the health care law at the same time he was working to create jobs. He said the law has helped people with pre-existing conditions and those who have children under age 26.

The president countered that he based the law on Romney's own plan when he was governor.

Obama said, quote, "We've seen this model work really well -- in Massachusetts."

The moderator is PBS newsman Jim Lehrer.

National polls show the two candidates in a tight race among likely voters. But Obama has the advantage in many of the battlegrounds, including Colorado.More than 50 million people are expected to watch the 90-minute long debate.

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