Vice Presidential Debate 2012: Biden, Ryan Differ on Tax Plans

Austan Goolsbee, former adviser to President Obama, weighs in on topic of the economy.
3:00 | 10/11/12

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

More information on this video
Enhanced full screen
Explore related content
Comments
Related Extras
Related Videos
Video Transcript
Transcript for Vice Presidential Debate 2012: Biden, Ryan Differ on Tax Plans
All right so you're an economic advisor to President Obama I assume -- you're gonna say Joseph Biden. Won this thing to be deceiving you did not like from Joseph Biden did that did this -- -- -- -- give you pause at all. -- may be I think. Most of the -- most of the attitude toward the body language of the candidates. Tends to be reserved for the president -- -- people don't actually care that much about the vice presidential debates. I think. Joseph Biden brought it. An energy level to the debate that a lot of the Democrats. For sure -- seeking. I thought all right and did a pretty respectable job especially on the foreign policy stuff -- -- Joseph Biden that's his area of expertise and and Paul Ryan. Sounded credible in those areas. I do -- thing. At two -- three points in the debate. There was this question going in is Paul Ryan going to sort. Merge himself to the two Romney's specifics. And there this sort of the new Romney that came out the first debate. Where's he gonna go back to the old one. And you saw a little uneasy pairing there's so at at one point Biden started pressing them on. Will they want increased defense spending by two trillion dollars which has been a very specific part of the Romney plan -- defense spending ought to be. 4% of GDP. And you saw Paul Ryan trying to say right now though we're not actually -- increase defense spending -- all or simply not gonna cut it. On defense on taxes and -- on that Medicare Social Security discussion I wonder if we're not gonna get some serious blow back. Coming on to Romney for the Tuesday debate about. Are they for the -- or are they for the -- -- speaking of Tuesday tell us what he's -- -- Austin about how this sets up. Both and the top of the ticket candidates Mitt Romney -- Barack Obama Ford they're meeting at and very different kind of debate Friday town hall. -- we'll look I think the what you saw. In Romney in the first debate and what you saw Joseph Biden in this debate of kind of really bring a lot of energy but but a bit aggressive. Doesn't always go over as well in the town hall format so it'll be interesting to see how that plays out. A lot of times in the primaries if the candidates get more aggressive the audience actually begins to boo -- goes over terrible so. I imagine that there -- there probably gonna -- it back a little bit. I think the substantively. It sets up. Ryan did a respectable job I thought Joseph Biden did a better job -- I felt like -- if you read this or that Twitter postings from each side. Inside was kind of proud of what their own person was saying so I think this is maybe just camping up the interest level in Tuesday. But I don't think that either side is gonna -- -- dramatically distance themselves from what the vice presidential candidates said today. Austin so the next debate town hall. It it seems a little bit unlikely to expect people to ask about the Iraqi status of forces agreement and that debate. He's more likely that they're going to be talking about -- -- predator. -- You'd think you'd say that but if you go back in the history of these debates and it's true in the primaries the general elections vote. The town hall formats have actually been one of the great winners over the last -- -- years. Is people take their responsibilities. Really seriously it's like be an out in. Iowa for the caucus where whenever you start thinking -- wide as -- get the first caucus then you start actually hearing from the people from Iowa and I've. I would not be surprised if the people have more substantive questions then. Did more heralded debate moderator. And still expect -- to ask more about about the economy in -- morning if you give me a sense of what. What for each candidate one question that they absolutely have to have the answer to next week. I would have thought that it will would have been the same for those for Romney side it would have been the same as tonight. For Ryan but they didn't have an answer which is -- Can you tell us how your tax plan adds up and does not either blow a hole in the deficit. Or require you to raise taxes on the middle class to pay for it but you saw them go he saw Martha go after. Ryan quite specifically on that it wouldn't answers so I I would think that's going to be a central focus and that -- That he ought to answer it will. On the all on the democrats' side I think the fundamental question that that rob these people are putting is. They -- -- for four years they said this was gonna work. -- are you happy with how you are why is it going to be any different than that -- it's -- the last four years. And then I I think there are answers about but I think that's a tough question because obviously the conditions aren't that great and people know that. -- -- we appreciate your perspective tonight from Chicago thank you -- let me say one. What one last thing here with newstalk -- you saw tapper talking about there. About their time at the Lieberman Cheney debate takes a big man. To admit that you were there and -- -- -- joy. Lieberman Cheney debate but it takes a bigger man to laugh at those --

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

{"id":17459925,"title":"Vice Presidential Debate 2012: Biden, Ryan Differ on Tax Plans","duration":"3:00","description":"Austan Goolsbee, former adviser to President Obama, weighs in on topic of the economy.","section":"Politics","mediaType":"Default"}