Third Presidential Debate: Full Transcript

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ROMNEY: And then you cut education spending when you came into office.

ROMNEY: The first -- the first -- the first -- and we kept our schools number one in the nation. They're still number one today.

SCHIEFFER: All right.

ROMNEY: And the principles that we put in place, we also gave kids not just a graduation exam that determined whether they were up to the skills needed to -- to be able compete, but also if they graduated the quarter of their class, they got a four-year tuition- free ride at any Massachusetts public institution of higher learning.

OBAMA: That happened before you came into office.

SCHIEFFER: Governor...

ROMNEY: That was actually mine, actually, Mr. President. You got that fact wrong.

(CROSSTALK)

SCHIEFFER: Let me get -- I want to try to shift it, because we have heard some of this in the other debates.

Governor, you say you want a bigger military. You want a bigger Navy. You don't want to cut defense spending. What I want to ask you -- we were talking about financial problems in this country. Where are you going to get the money?

ROMNEY: Well, let's come back and talk about the military, but all the way -- all the way through. First of all, I'm going through from the very beginning -- we're going to cut about 5 percent of the discretionary budget, excluding military. That's number one.

SCHIEFFER: But can you do this without driving deeper...

(CROSSTALK)

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