Obama Hits Romney's 'Sketchy Deal'

The president says Mitt Romney hasn't offered any specifics about his economic plan.
3:00 | 10/16/12

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Transcript for Obama Hits Romney's 'Sketchy Deal'
Look. At the cost of lowering rates. For everybody across the board 20%. Along with -- what he also wants to do in terms of eliminating the estate tax along what he wants to do in terms of -- Changes in the tax code it cost about five trillion dollars. Governor Ronnie that also wants to spend two trillion dollars on additional military programs even though the -- not asking for. -- seven trillion dollars. He also wants to continue the bush tax cuts for the wealthiest Americans that's another trillion dollars that's eight trillion dollars. Now what he says he's going to. Make sure that this doesn't -- to the deficit. And he's gonna cut middle class taxes. But when he is asked. How are you gonna do what which deductions. Which -- polls are gonna close he can't. The fact that he only asked to pay 14%. On his taxes when a lot of you -- paying much higher. Now he's -- -- or capital gains are gonna continue to be. At a lower rate so we we're -- -- money that way we haven't heard from the governor. Any specifics beyond big bird and eliminating funding for Planned Parenthood in terms of -- -- pays for that. Now governor -- it was a very successful investor. If somebody came to your governor where they plan that said here I -- spend. Seven or eight trillion dollars. And that we're gonna pay for but we can't tell you until maybe after the election how we're gonna do it. You wouldn't have taken such a sketchy deal. And -- -- -- the American people. Because the math doesn't add up. And and what's at stake here is one of two things either candy. This blows up the deficit. Because keep in mind this is just to pay for the additional. Spending but he's talking about seven a -- -- that's before we even get the -- that we are yet. Or alternatively. It's gotta be paid for not only by closing deductions for wealthy individuals. That -- paper about 4% reduction in tax rates. You're going to be transport. You'll lose some deductions. And you can't buy this sales pitch nobody has looked at that serious actually believes it adds up.

This transcript has been automatically generated and may not be 100% accurate.

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