Romney: 'Victory is in sight' after first debate

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President Barack Obama speaks during a campaign event at Sloan's Lake Park, Thursday, Oct. 4, 2012, in Denver. (AP Photo/Pablo Martinez Monsivais)
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Taxes were a particular point of contention between the two men, although they were sharply divided as well on steps the cut the deficit, on government regulation, on education and Medicare.

Both in the debate and on the day after, Obama said repeatedly that his rival favors a $5 trillion tax cut that is tilted to the wealthy and would mean tax increases on the middle class or else result in a spike in federal deficits.

Romney said it wasn't so, and counterattacked in a new television commercial. It cited a report by the American Enterprise Institute that said Obama and "his liberal allies" want to raise taxes on middle class earners by $4,000 and that the Republican alternative would not raise the amount they owe to the IRS.

Romney has refused so far to disclose many of the details to support his assertion that his proposal would not lead to a tax cut. His ad was an attempt to parry a report by the Tax Policy Center that Obama has frequently tried used to political advantage, as he did again during the day.

In a new ad by the president's campaign, Romney is quoted as saying that a $5 trillion tax cut "is not my plan." The ad then cites a study by the Tax Policy Center as saying it is, and asks why the Republican challenger "won't level with us about his tax plan which gives the wealthy huge new tax breaks.

"Because if we can't trust him here" — a photo of the debate stage appears — "How could we ever trust him here," the narrator says as a photo of the Oval Office fills the screen.

The two men debate twice more this month, Oct. 16 in Hempstead, N.Y. and Oct. 22 in Boca Raton, Fla.

Before they do, Vice President Joe Biden and Romney's running mate, Wisconsin Rep. Paul Ryan, will share a stage in Danville, Ky. in one week's time.

Biden plunged into the tax debate during the day, saying the administration does indeed want to increase the taxes paid by the wealthy by $1 trillion.

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