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President Barack Obama and Republican presidential nominee Mitt Romney met in Hempstead, New York Tuesday evening for the second of three presidential debates, moderated by CNN Chief Political Correspondent Candy Crowley.CROWLEY: Good evening from Hofstra University in Hempstead, NewYork. Im Candy Crowley from CNNs State of the Union. We are herefor the second presidential debate, a town hall, sponsored by theCommission on Presidential Debates.CROWLEY: The Gallup organization chose 82 uncommitted votersfrom the New York area. Their questions will drive the night. Mygoal is to give the conversation direction and to ensure questions getanswered.The questions are known to me and my team only. Neither thecommission, nor the candidates have seen them. I hope to get to asmany questions as possible.CROWLEY: And because I am the optimistic sort, Im sure thecandidates will oblige by keeping their answers concise and on point.Each candidate has as much as two minutes to respond to a commonquestion, and there will be a two-minute follow-up. The audience herein the hall has agreed to be polite and attentive - no cheering orbooing or outbursts of any sort.We will set aside that agreement just this once to welcomePresident Barack Obama and Governor Mitt Romney.(APPLAUSE)Gentlemen, thank you both for joining us here tonight. We have alot of folks whove been waiting all day to talk to you, so I want toget right to it.Governor Romney, as you know, you won the coin toss, so the firstquestion will go to you. And I want to turn to a first-time voter,Jeremy Epstein, who has a question for you.QUESTION: Mr. President, Governor Romney, as a 20-year-oldcollege student, all I hear from professors, neighbors and others isthat when I graduate, I will have little chance to get employment.What can you say to reassure me, but more importantly my parents, thatI will be able to sufficiently support myself after I graduate?ROMNEY: Thank you, Jeremy. I appreciate your - your question,and thank you for being here this evening and to all of those fromNassau County that have come, thank you for your time. Thank you toHofstra University and to Candy Crowley for organizing and leadingthis - this event.Thank you, Mr. President, also for being part of this - thisdebate.college kids all over this country. I was in Pennsylvania withsomeone who had just graduated - this was in Philadelphia - and shesaid, Ive got my degree. I cant find a job. Ive got three part-time jobs. Theyre just barely enough to pay for my food and pay foran apartment. I cant begin to pay back my student loans.So what we have to do is two things. We have to make sure thatwe make it easier for kids to afford college.ROMNEY: And also make sure that when they get out of college,theres a job. When I was governor of Massachusetts, to get a highschool degree, you had to pass an exam. If you graduated in the topquarter of your airlines, we gave you a John and Abigail Adamsscholarship, four years tuition free in the college of your choice inMassachusetts, its a public institution.I want to make sure we keep our Pell grant program growing. Werealso going to have our loan program, so that people are able to affordschool. But the key thing is to make sure you can get a job when youget out of school. And whats happened over the last four years hasbeen very, very hard for Americas young people. I want you to beable to get a job.I know what it takes to get this economy going. With half ofcollege kids graduating this year without a college - excuse me,without a job. And without a college level job, thats justunacceptable.And likewise youve got more and more debt on your back. So moredebt and less jobs. Im going to change that. I know what it takes tocreate good jobs again. I know what it takes to make sure that youhave the kind of opportunity you deserve. And kids across thiscountry are going to recognize, were bringing back an economy.Its not going to be like the last four years. The middle-classhas been crushed over the last four years, and jobs have been tooscarce. I know what it takes to bring them back, and Im going to dothat, and make sure that when you graduate - when do you graduate?QUESTION: 2014.ROMNEY: 2014. When you come out in 2014, I presume Im going tobe president. Im going to make sure you get a job. Thanks Jeremy.Yeah, you bet.CROWLEY: Mr. President?OBAMA: Jeremy, first of all, your future is bright. And the factthat youre making an investment in higher education is critical. Notjust to you, but to the entire nation. Now, the most important thingwe can do is to make sure that we are creating jobs in this country.But not just jobs, good paying jobs. Ones that can support a family.OBAMA: And what I want to do, is build on the five million jobsthat weve created over the last 30 months in the private sectoralone. And there are a bunch of things we can do to make sure yourfuture is bright.Number one, I want to build manufacturing jobs in this countryagain. Now when Governor Romney said we should let Detroit gobankrupt. I said were going to bet on American workers and theAmerican auto industry and its come surging back.I want to do that in industries, not just in Detroit, but allacross the country and that means we change our tax code so weregiving incentives to companies that are investing here in the UnitedStates and creating jobs here.It also means were helping them and small businesses to exportall around the world to new markets.Number two, weve got to make sure that we have the besteducation system in the world. And the fact that youre going tocollege is great, but I want everybody to get a great education andweve worked hard to make sure that student loans are available forfolks like you, but I also want to make sure that community collegesare offering slots for workers to get retrained for the jobs that areout there right now and the jobs of the future.Number three, weve got to control our own energy. Now, not onlyoil and natural gas, which weve been investing in; but also, wevegot to make sure were building the energy source of the future, notjust thinking about next year, but ten years from now, 20 years fromnow. Thats why weve invested in solar and wind and biofuels, energyefficient cars.Weve got to reduce our deficit, but weve got to do it in abalanced way. Asking the wealthy to pay a little bit more along withcuts so that we can invest in education like yours.And lets take the money that weve been spending on war over thelast decade to rebuild America, roads, bridges schools. We do thosethings, not only is your future going to be bright but Americasfuture is going to bright as well.CROWLEY: Let me ask you for more immediate answer and begin withMr. Romney just quickly what - what can you do? Were looking at asituation where 40 percent of the unemployed have been unemployed havebeen unemployed for six months or more. They dont have the two yearsthat Jeremy has.What about those long term unemployed who need a job right now?ROMNEY: Well what youre seeing in this country is 23 millionpeople struggling to find a job. And a lot of them, as you say,Candy, have been out of work for a long, long, long time. Thepresidents policies have been exercised over the last four years andthey havent put Americans back to work.We have fewer people working today than we had when the presidenttook office. If the - the unemployment rate was 7.8 percent when hetook office, its 7.8 percent now. But if you calculated thatunemployment rate, taking back the people who dropped out of theworkforce, it would be 10.7 percent.We have not made the progress we need to make to put people backto work. Thats why I put out a five-point plan that gets America 12million new jobs in four years and rising take-home pay. Its goingto help Jeremy get a job when he comes out of school. Its going tohelp people across the country that are unemployed right now.And one thing that the president said, which I want to make surethat we understand, he said that I said we should take Detroitbankrupt. And thats right. My plan was to have the company gothrough bankruptcy like 7-Eleven did and Macys and Condell (ph)Airlines and come out stronger.And I know he keeps saying, you want to take Detroit bankrupt.Well, the president took Detroit bankrupt. You took General Motorsbankrupt. You took Chrysler bankrupt. So when you say that I wantedto take the auto industry bankrupt, you actually did.And I think its important to know that that was a process thatwas necessary to get those companies back on their feet, so they couldstart hiring more people. That was precisely what I recommended andultimately what happened.CROWLEY: Let me give the president a chance.Go ahead.OBAMA: Candy, what Governor Romney said just isnt true. Hewanted to take them into bankruptcy without providing them any way tostay open. And we would have lost a million jobs. And that - donttake my word for it, take the executives at GM and Chrysler, some ofwhom are Republicans, may even support Governor Romney. But theylltell you his prescription wasnt going to work.And Governor Romneys says hes got a five-point plan? GovernorRomney doesnt have a five-point plan. He has a one-point plan. Andthat plan is to make sure that folks at the top play by a differentset of rules. Thats been his philosophy in the private sector,thats been his philosophy as governor, thats been his philosophy asa presidential candidate.You can make a lot of money and pay lower tax rates than somebodywho makes a lot less. You can ship jobs overseas and get tax breaksfor it. You can invest in a company, bankrupt it, lay off theworkers, strip away their pensions, and you still make money.Thats exactly the philosophy that weve seen in place for thelast decade. Thats whats been squeezing middle class families.And we have fought back for four years to get out of that mess.The last thing we need to do is to go back to the very same policiesthat got us there.CROWLEY: Mr. President, the next question is going to be for youhere.And, Mr. Romney - Governor Romney - therell be plenty ofchances here to go on, but I want to.ROMNEY: That - that Detroit - that Detroit answer.CROWLEY: We have all these folks.ROMNEY: . that Detroit answer.CROWLEY: I will let you absolutely.ROMNEY: . and the rest of the answer, way off the mark.CROWLEY: OK. Will - will - you certainly will have lots oftime here coming up.Because I want to move you on to something thats sort ofconnected to cars here, and - and go over. And we want to get aquestion from Phillip TricollaQUESTION: Your energy secretary, Steven Chu, has now been onrecord three times stating its not policy of his department to helplower gas prices. Do you agree with Secretary Chu that this is notthe job of the Energy Department?OBAMA: The most important thing we can do is to make sure wecontrol our own energy. So heres what Ive done since Ive beenpresident. We have increased oil production to the highest levels in16 years.Natural gas production is the highest its been in decades. Wehave seen increases in coal production and coal employment. But whatIve also said is we cant just produce traditional source of energy.Weve also got to look to the future. Thats why we doubled fuelefficiency standards on cars. That means that in the middle of thenext decade, any car you buy, youre going to end up going twice asfar on a gallon of gas. Thats why we doubled clean - clean energyproduction like wind and solar and biofuels.And all these things have contributed to us lowering our oilimports to the lowest levels in 16 years. Now, I want to build onthat. And that means, yes, we still continue to open up new areas fordrilling. We continue to make it a priority for us to go afternatural gas. Weve got potentially 600,000 jobs and 100 years worthof energy right beneath our feet with natural gas.And we can do it in an environmentally sound way. But weve alsogot to continue to figure out how we have efficiency energy, becauseultimately thats how were going to reduce demand and thats whatsgoing to keep gas prices lower.Now, Governor Romney will say hes got an all-of-the-above plan,but basically his plan is to let the oil companies write the energypolicies. So hes got the oil and gas part, but he doesnt have theclean energy part. And if we are only thinking about tomorrow or thenext day and not thinking about 10 years from now, were not going tocontrol our own economic future. Because China, Germany, theyremaking these investments. And Im not going to cede those jobs of thefuture to those countries. I expect those new energy sources to bebuilt right here in the United States.Thats going to help Jeremy get a job. Its also going to makesure that youre not paying as much for gas.CROLEY: Governor, on the subject of gas prices?ROMNEY: Well, lets look at the presidents policies, all right,as opposed to the rhetoric, because weve had four years of policiesbeing played out. And the presidents right in terms of theadditional oil production, but none of it came on federal land. As amatter of fact, oil production is down 14 percent this year on federalland, and gas production was down 9 percent. Why? Because thepresident cut in half the number of licenses and permits for drillingon federal lands, and in federal waters.So whered the increase come from? Well a lot of it came fromthe Bakken Range in North Dakota. What was his participation there?The administration brought a criminal action against the peopledrilling up there for oil, this massive new resource we have. Andwhat was the cost? 20 or 25 birds were killed and brought out amigratory bird act to go after them on a criminal basis.Look, I want to make sure we use our oil, our coal, our gas, ournuclear, our renewables. I believe very much in our renewablecapabilities; ethanol, wind, solar will be an important part of ourenergy mix.But what we dont need is to have the president keeping us fromtaking advantage of oil, coal and gas. This has not been Mr. Oil, orMr. Gas, or Mr. Coal. Talk to the people that are working in thoseindustries. I was in coal country. People grabbed my arms and said,Please save my job. The head of the EPA said, You cant build acoal plant. Youll virtually - its virtually impossible given ourregulations. When the president ran for office, he said if you builda coal plant, you can go ahead, but youll go bankrupt. Thats notthe right course for America.Lets take advantage of the energy resources we have, as well asthe energy sources for the future. And if we do that, if we do whatIm planning on doing, which is getting us energy independent, NorthAmerica energy independence within eight years, youre going to seemanufacturing jobs come back. Because our energy is low cost, thatare already beginning to come back because of our abundant energy.Ill get America and North America energy independent. Ill do it bymore drilling, more permits and licenses.Were going to bring that pipeline in from Canada. How in theworld the president said no to that pipeline? I will never know.This is about bringing good jobs back for the middle class ofAmerica, and thats what Im going to do.CROWLEY: Mr. President, let me just see if I can move you to thegist of this question, which is, are we looking at the new normal? Ican tell you that tomorrow morning, a lot of people in Hempstead willwake up and fill up and they will find that the price of gas is over$4 a gallon.Is it within the purview of the government to bring those pricesdown, or are we looking at the new normal?OBAMA: Candy, theres no doubt that world demands gone up, butour production is going up, and were using oil more efficiently. Andvery little of what Governor Romney just said is true. Weve openedup public lands. Were actually drilling more on public lands than inthe previous administration and my - the previous president was anoil man.Andnatural gas isnt just appearing magically. Wereencouraging it and working with the industry.And when I hear Governor Romney say hes a big coal guy, I mean,keep in mind, when - Governor, when you were governor ofMassachusetts, you stood in front of a coal plant and pointed at itand said, This plant kills, and took great pride in shutting itdown. And now suddenly youre a big champion of coal.So what Ive tried to do is be consistent. With respect tosomething like coal, we made the largest investment in clean coaltechnology, to make sure that even as were producing more coal, wereproducing it cleaner and smarter. Same thing with oil, same thingwith natural gas.And the proof is our oil imports are down to the lowest levels in20 years. Oil production is up, natural gas production is up, and,most importantly, were also starting to build cars that are moreefficient.And thats creating jobs. That means those cars can be exported,cause thats the demand around the world, and it also means thatitll save money in your pocketbook.OBAMA: Thats the strategy you need, an all-of-the-abovestrategy,and thats what were going to do in the next four years.ROMNEY: But thats not what youve done in the last four years.Thats the problem. In the last four years, you cut permits andlicenses on federal land and federal waters in half.OBAMA: Not true, Governor Romney.ROMNEY: So how much did you cut (inaudible)?OBAMA: Not true.ROMNEY: How much did you cut them by, then?OBAMA: Governor, we have actually produced more oil ROMNEY: No, no. How much did you cut licenses and permits onfederal land and federal waters?OBAMA: Governor Romney, heres what we did. There were a wholebunch of oil companies.(CROSSTALK)ROMNEY: No, no, I had a question and the question was how muchdid you cut the
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