Third Presidential Debate: Full Transcript

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And how do we do that? A group of Arab scholars came together, organized by the U.N., to look at how we can help the -- the world reject these -- these terrorists. And the answer they came up with was this:

One, more economic development. We should key our foreign aid, our direct foreign investment, and that of our friends, we should coordinate it to make sure that we -- we push back and give them more economic development.

Number two, better education.

Number three, gender equality.

Number four, the rule of law. We have to help these nations create civil societies.

But what's been happening over the last couple of years is, as we've watched this in the Middle East, this rising tide of chaos occur, you see Al Qaida rushing in, you see other jihadist groups rushing in. And -- and they're throughout many nations in the Middle East.

ROMNEY: It's wonderful that Libya seems to be making some progress, despite this terrible tragedy.

But next door, of course, we have Egypt. Libya's 6 million population; Egypt, 80 million population. We want -- we want to make sure that we're seeing progress throughout the Middle East. With Mali now having North Mali taken over by Al Qaida; with Syria having Assad continuing to -- to kill, to murder his own people, this is a region in tumult.

And, of course, Iran on the path to a nuclear weapon, we've got real (inaudible).

SCHIEFFER: We'll get to that, but let's give the president a chance.

OBAMA: Governor Romney, I'm glad that you recognize that Al Qaida is a threat, because a few months ago when you were asked what's the biggest geopolitical threat facing America, you said Russia, not Al Qaida; you said Russia, in the 1980s, they're now calling to ask for their foreign policy back because, you know, the Cold War's been over for 20 years.

But Governor, when it comes to our foreign policy, you seem to want to import the foreign policies of the 1980s, just like the social policies of the 1950s and the economic policies of the 1920s.

You say that you're not interested in duplicating what happened in Iraq. But just a few weeks ago, you said you think we should have more troops in Iraq right now. And the -- the challenge we have -- I know you haven't been in a position to actually execute foreign policy -- but every time you've offered an opinion, you've been wrong. You said we should have gone into Iraq, despite that fact that there were no weapons of mass destruction.

You said that we should still have troops in Iraq to this day. You indicated that we shouldn't be passing nuclear treaties with Russia despite the fact that 71 senators, Democrats and Republicans, voted for it. You said that, first, we should not have a timeline in Afghanistan. Then you said we should. Now you say maybe or it depends, which means not only were you wrong, but you were also confusing in sending mixed messages both to our troops and our allies.

OBAMA: So, what -- what we need to do with respect to the Middle East is strong, steady leadership, not wrong and reckless leadership that is all over the map. And unfortunately, that's the kind of opinions that you've offered throughout this campaign, and it is not a recipe for American strength, or keeping America safe over the long haul.

SCHIEFFER: I'm going to add a couple of minutes here to give you a chance to respond.

ROMNEY: Well, of course I don't concur with what the president said about my own record and the things that I've said. They don't happen to be accurate. But -- but I can say this, that we're talking about the Middle East and how to help the Middle East reject the kind of terrorism we're seeing, and the rising tide of tumult and -- and confusion. And -- and attacking me is not an agenda. Attacking me is not talking about how we're going to deal with the challenges that exist in the Middle East, and take advantage of the opportunity there, and stem the tide of this violence.

But I'll respond to a couple of things that you mentioned. First of all, Russia I indicated is a geopolitical foe. Not...

(CROSSTALK)

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