Obama and Romney clash over economy

US President Barack Obama and Republican challenger Mitt Romney locked horns over the economy last night in their first televised presidential debate.

Obama said Romney is backing "top down economics" and plans that favour the wealthy and lead to recession. He said his rival's approach to tax cuts was similar to that of President Bush, in the first of three televised debates. "The approach that Governor Romney's talking about is the same sales pitch that was made in 2001 and 2003. "If you think by closing [tax] loopholes and deductions for the well-to-do, somehow you will not end up picking up the tab, then Governor Romney's plan may work for you," he said. "But I think math, common sense, and our history shows us that's not a...