Transcript: First 2012 presidential debate, part 1

LEHRER: All right? All right. This is segment three, the economy. Entitlements. First -- first answer goes to you, two minutes, Mr. President. Do you see a major difference between the two of you on Social Security?

OBAMA: You know, I suspect that, on Social Security, we've got a somewhat similar position. Social Security is structurally sound. It's going to have to be tweaked the way it was by Ronald Reagan and Speaker -- Democratic Speaker Tip O'Neill. But it is -- the basic structure is sound.

But -- but I want to talk about the values behind Social Security and Medicare, and then talk about Medicare, because that's the big driver of our deficits right now.

You know, my grandmother -- some of you know -- helped to raise me. My grandparents did. My grandfather died a while back. My grandmother died three days before I was elected president. And she was fiercely independent. She worked her way up, only had a high school education, started as a secretary, ended up being the vice president of a local bank. And she ended up living alone by choice.

And the reason she could be independent was because of Social Security and Medicare. She had worked all her life, put in this money, and understood that there was a basic guarantee, a floor under which she could not go.

And that's the perspective I bring when I think about what's called entitlements. You know, the name itself implies some sense of dependency on the part of these folks. These are folks who've worked hard, like my grandmother, and there are millions of people out there who are counting on this.

OBAMA: So my approach is to say, how do we strengthen the system over the long term? And in Medicare, what we did was we said, we are going to have to bring down the costs if we're going to deal with our long-term deficits, but to do that, let's look where some of the money's going.

$716 billion we were able to save from the Medicare program by no longer overpaying insurance companies by making sure that we weren't overpaying providers. And using that money, we were actually able to lower prescription drug costs for seniors by an average of $600, and we were also able to make a -- make a significant dent in providing them the kind of preventive care that will ultimately save money through the -- throughout the system.

So the way for us to deal with Medicare in particular is to lower health care costs. When it comes to Social Security, as I said, you don't need a major structural change in order to make sure that Social Security is there for the future.

LEHRER: We'll follow up on this.

First, Governor Romney, you have two minutes on Social Security and entitlements.

ROMNEY: Well, Jim, our seniors depend on these programs, and I know anytime we talk about entitlements, people become concerned that something's going to happen that's going to change their life for the worse.

And the answer is neither the president nor I are proposing any changes for any current retirees or near retirees, either to Social Security or Medicare. So if you're 60 or around 60 or older, you don't need to listen any further.

But for younger people, we need to talk about what changes are going to be occurring. Oh, I just thought about one. And that is, in fact, I was wrong when I said the president isn't proposing any changes for current retirees. In fact he is on Medicare. On Social Security he's not.

But on Medicare, for current retirees, he's cutting $716 billion from the program. Now, he says by not overpaying hospitals and providers. Actually just going to them and saying, "We're going to reduce the rates you get paid across the board, everybody's going to get a lower rate." That's not just going after places where there's abuse. That's saying we're cutting the rates. Some 15 percent of hospitals and nursing homes say they won't take anymore Medicare patients under that scenario.

We also have 50 percent of doctors who say they won't take more Medicare patients.

This -- we have 4 million people on Medicare Advantage that will lose Medicare Advantage because of those $716 billion in cuts. I can't understand how you can cut Medicare $716 billion for current recipients of Medicare.

Now, you point out, well, we're putting some back. We're going to give a better prescription program. That's $1 -- that's $1 for every $15 you've cut. They're smart enough to know that's not a good trade.

I want to take that $716 billion you've cut and put it back into Medicare. By the way, we can include a prescription program if we need to improve it.

But the idea of cutting $716 billion from Medicare to be able to balance the additional cost of Obamacare is, in my opinion, a mistake.

And with regards to young people coming along, I've got proposals to make sure Medicare and Social Security are there for them without any question.

LEHRER: Mr. President?

OBAMA: First of all, I think it's important for Governor Romney to present this plan that he says will only affect folks in the future.

And the essence of the plan is that you would turn Medicare into a voucher program. It's called premium support, but it's understood to be a voucher program. His running mate...

LEHRER: And you don't support that?

OBAMA: I don't. And let me explain why.

ROMNEY: Again, that's for future...

OBAMA: I understand.

ROMNEY: ... people, right, not for current retirees.

OBAMA: For -- so if you're -- if you're 54 or 55, you might want to listen 'cause this -- this will affect you.

The idea, which was originally presented by Congressman Ryan, your running mate, is that we would give a voucher to seniors and they could go out in the private marketplace and buy their own health insurance.

The problem is that because the voucher wouldn't necessarily keep up with health care inflation, it was estimated that this would cost the average senior about $6,000 a year.

Now, in fairness, what Governor Romney has now said is he'll maintain traditional Medicare alongside it. But there's still a problem, because what happens is, those insurance companies are pretty clever at figuring out who are the younger and healthier seniors. They recruit them, leaving the older, sicker seniors in Medicare. And every health care economist that looks at it says, over time, what'll happen is the traditional Medicare system will collapse.

OBAMA: And then what you've got is folks like my grandmother at the mercy of the private insurance system precisely at the time when they are most in need of decent health care.

So, I don't think vouchers are the right way to go. And this is not my own -- only my opinion. AARP thinks that the -- the savings that we obtained from Medicare bolster the system, lengthen the Medicare trust fund by eight years. Benefits were not affected at all. And ironically, if you repeal Obamacare, and I have become fond of this term, "Obamacare," if you repeal it, what happens is those seniors right away are going to be paying $600 more in prescription care. They're now going to have to be paying copays for basic checkups that can keep them healthier.

And the primary beneficiary of that repeal are insurance companies that are estimated to gain billions of dollars back when they aren't making seniors any healthier. And I don't think that's the right approach when it comes to making sure that Medicare is stronger over the long term.

Transcript, Part 2

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8/8

Ok, this is scary- I went to look up a transcript of the debate this morning and started reading until I realized that CBS news had edited it before posting it - removing much or Romney's key opening points. It reminded me of the book 1984 by George Orwell. When you report your version of truth as fact many people beleive it. I don't care what political side you're on- if people fall for this and nobody points it out, it may be the end of civilization as we know it.

[tpaine1]

Obama has a problem defending the indefensible. The six year Obama-Pelosi-Reid Record:
*"The largest middle class tax increase in history" - the ObamaCare Tax (2008 Obama Campaign/CBO) which will cost another 1,000,000 American jobs, and another 50,000,000 their employer provided health care plans.
*The proportion of the civilian working-age population actually working, at 58%, is the smallest since the 1981 (Labor Department).
• The federal debt, at 69% of GDP, is the highest since just after WWII (CBO). Note: This does NOT include Social Security or Medicare which would put it up over 100%.
• Federal spending, now at 23.4% of GDP, is the highest since WWII (CBO).
• The national homeownership rate, now at 65.4%, is the lowest in 15 years (Census).
• The rate of new business startups — the engine of job growth — has plunged to an all-time low of 7.87% of all businesses (Census Bureau).
*The average American household spent a staggering $4,155 on gasoline during 2011 (API).
*Real median household income has declined $4,300 since Barack Obama entered the White House.
• 3 in 10 young adults can't find jobs and live with their parents, highest since the 1950s (Pew Research).
• 54% of bachelor's degree-holders under the age of 25 are jobless or underemployed, the highest share in decades (Northeastern University).
• Black teen unemployment, now at 37%, is near Depression-era highs (Labor Department).

[News_watcher88]

This transcript is missing many major paragraphs. CBS, please check the script and note that Romney's introduction is missing.

[Aimee_mb]

I have to say reading the debate, as oppossed to watching it is rather refreshing. The outcome to me is very different on print. Simply by reading it, and knowing the facts efore hand, shows a very different winner to me and that would President Obama.

[cazama]

Having not watched the debates, I would have to somewhat disagree. I think Romney was stronger when discussing taxes and deficit. His plans were a little more laid out with specifics. Obama seemed to be more vague, trying to play down Romney's ideas rather than properly present his own. Obama seemed to have the upper hand when Medicare came up, however. His healthcare policy is quite sound (though I would like to see some changes).

[taylortotsmom]

Be careful, some of what Romney has said is omitted. Can't judge until you have all the information.

[samXXkiley]

coucou,
First, what has been said in this debate is already known by the voters, having been the subject of the campaign
In other words, this debate and those that will follow are not a reference.The Americans are able to make the difference between reality and fiction, it is hoped
this debate has only served to embarrass and put pressure on the two candidates.

"au revoir"

[Armentta]

The American people are not stupid. Americans are not seeking to elect a flip- flop ACTOR, but will vote for a President who will continue to work for the American people. Romney is an amazingly actor who is comfortable with "Make Believe". He does not know what he has last said but stands by whatever he last said. If an Actor, a performance, will win over the people, shame on us. 23 million new jobs! Strong on international affairs! The President has done MORE THAN LIP SERVICE. The President has been working for the last 4 years and has moved this country forward. On Romney's first day, he will begin acting as a CEO, out-sourcing, his duties, including 3 am calls. This debate confirmed that Romney will Mislead. He will not Lead. To the fact checks, GET READY!

[Sharon_Johnson]

I read through the transcripts of this debate. I conclude that Mitt Romney is just trying to re-name policies and procedures that are already in effect. President Obama is showing that the policies that are in effect by his administration are up and running, some are beginning to show a turn around. His healthcare plan is sound. He addresses the problems that I have seen happening. Mr. Romney speaks of turning some programs back to the states, and cutting other ones. What I want to know is...what programs are going back to state level if he is elected, and exactly what programs is he going to cut? PBS Central Florida has already been acquired by the highest bidder. I think that the President was the most successful debater in this round. Mr. Romney has got to step up his game and explain where these cuts are coming from, and which programs he will return to State power. Is he really serious in allowing drilling off the coast of Florida? I know that he wants the United States to be more independent, but I don't remember seeing him down picking up and cleaning up here when all those dead birds and animals and gobs of oil washed ashore and people's livelihoods were threatened or wiped out. Our beaches and waterways were ruined. And those 'jobs'? Great ones to have, perched on oil rigs for 6 months out of the year and fighting cancer when you are old? basic jobs with little pay and no benefits? What's going to happen? The 'business world' is going to stop advertising positions that they are hiring for and actually hire for them? No Mr. Romney...I am not persuaded. I will stick with President Obama.