Live Blog: The Second U.S. Presidential Debate

Third question: Woman asks Romney about his tax plan, specifically in those areas important to the middle class.

Romney says he wants to simplify the tax code and get middle income taxpayers to have lower taxes.

Romney says the middle income families in America "have been crushed" over the last four years.

Romney says he's going to limit exemptions and credit for those particularly at the high end, says they won't pay any less than they're paying now.

Romney says every middle income taxpayer will no longer pay any tax on interest, dividends and capital gains. Romney says he wants to help people in the middle class because they have been "buried" during the past four years. He says he will not "under any circumstances" reduce the share being paid by the highest income taxpayers.

Obama says his philosophy on taxes has been simple. He wants to give middle class families some relief, because, he says, they have been hit hard. Obama says he has already cut taxes for middle class families, small businesses and that he wants to continue tax cuts for middle class families and small businesses. But he says if the nation is serious about reducing the deficit, in addition to tough spending cuts, it has to make sure the weatlthy do a little bit more.

Obama says those making above $250,000 should go back to the tax rates they had when Bill Clinton was president. He says that will be good for the economy and job creation.

Obama says he fundamentally disagrees with Romney's stance on taxes. Obama says he believes tax credits, not cuts, are what grow the economy.

Romney says bringing down tax rates for small businesses mean they can hire more people. He says the nation does not have to "settle" for the current unemployment rate.

Romney says he wants to help small businesses grow and thrive and that he knows why jobs come and go. He says they're going now because of policies of the Obama administration.

Obama says lowering tax rates for everybody across the board, along with what Romney wants to do in eliminating estate tax, along with changes in corporate tax code would cost the nation $5 trillion.

Obama says the nation has not heard from the governor any specifics beyond "Big Bird and eliminating funding for Planned Parenthood" as to how the nation will pay for his plan.

Obama charges that Romney's plan would either blow up the deficit or make Americans pay for it.

Crowley asks Romney if somehow the numbers don't add up, if somehow there isn't enough tax revenue coming in, would he be willing to look again at the rates.

Romney answers back by saying "Of course they add up." He says he knows what it takes to balance a budget after running a business, after his experience with the Olympics.