'Romnesia' Cure? Obama Says Obamacare

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One debate zinger that lit up the Twittersphere was Obama's response when Romney claimed that the president had allowed the navy to shrink to its smallest level since 1917. The president shot back that we have a lot fewer "horses and bayonets" these days too.

The crack was described by some Romney supporters as demeaning to the military.

Vice President Biden also appeared on GMA, where he shrugged off the criticism.

"Demeaning to the military for the president to say the truth, that one aircraft carrier is probably more powerful than the entire United States Navy was back then?" Biden answered rhetorically. "Our navy is superior to every other navy in the world combined. Hear me -- combined. No one is even remotely close."

CLICK here for the full transcript of Monday night's third and final presidential debate ABC News' Devin Dwyer contributed to this report

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