Third Presidential Debate: Full Transcript

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It also allowed us to refocus on alliances and relationships that had been neglected for a decade.

And Governor Romney, our alliances have never been stronger, in Asia, in Europe, in Africa, with Israel, where we have unprecedented military and intelligence cooperation, including dealing with the Iranian threat.

But what we also have been able to do is position ourselves so we can start rebuilding America, and that's what my plan does. Making sure that we're bringing manufacturing back to our shores so that we're creating jobs here, as we've done with the auto industry, not rewarding companies that are shipping jobs overseas.

Making sure that we've got the best education system in the world, including retraining our workers for the jobs of tomorrow.

Doing everything we can to control our own energy. We've cut our oil imports to the lowest level in two decades because we've developed oil and natural gas. But we also have to develop clean energy technologies that will allow us to cut our exports in half by 2020. That's the kind of leadership that we need to show.

And we've got to make sure that we reduce our deficit. Unfortunately, Governor Romney's plan doesn't do it. We've got to do it in a responsible way by cutting out spending we don't need, but also asking the wealthiest to pay a little bit more. That way we can invest in the research and technology that's always kept us at the cutting edge.

Now, Governor Romney has taken a different approach throughout this campaign. Both at home and abroad, he has proposed wrong and reckless policies. He's praised George Bush as a good economic steward and Dick Cheney as somebody who's -- who shows great wisdom and judgment. And taking us back to those kinds of strategies that got us into this mess are not the way that we are going to maintain leadership in the 21st century.

SCHIEFFER: Governor Romney, policies?

ROMNEY: I've got a policy for the future and agenda for the future. And when it comes to our economy here at home, I know what it takes to create 12 million new jobs and rising take-home pay. And what we've seen over the last four years is something I don't want to see over the next four years.

The president said by now we'd be a 5.4 percent unemployment. We're 9 million jobs short of that. I will get America working again and see rising take-home pay again, and I'll do it with five simple steps. Number one, we are going to have North American energy independence. We're going to do it by taking full advantage of oil, coal, gas, nuclear and our renewables.

Number two, we're going to increase our trade. Trade grows about 12 percent year. It doubles about every -- every five or so years. We can do better than that, particularly in Latin America. The opportunities for us in Latin America we have just not taken advantage of fully. As a matter of fact, Latin America's economy is almost as big as the economy of China. We're all focused on China. Latin America is a huge opportunity for us -- time zone, language opportunities.

Number three, we're going to have to have training programs that work for our workers and schools that finally put the parents and the teachers and the kids first, and the teachers' unions going to have to go behind.

And then we're going to have to get to a balanced budget. We can't expect entrepreneurs and businesses large and small to take their life savings or their company's money and invest in America if they think we're headed to the road to Greece. And that's where we're going right now unless we finally get off this spending and borrowing binge. And I'll get us on track to a balanced budget.

And finally, number five, we've got to champion small business. Small business is where jobs come from. Two-thirds of our jobs come from small businesses. New business formation is down to the lowest level in 30 years under this administration. I want to bring it back and get back good jobs and rising take-home pay.

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