"I'm concerned that we're on the path that's just been unsuccessful. The president has a view very similar to the one he had when he ran for office four years ago, that spending more, taxing more, regulating more, if you will, trickle-down government would work. That's not the right answer for America."

On taxes:

"I'm not looking to cut massive taxes and reduce the revenues going to the government. My number one principle is there will be no tax cut that adds to the deficit. But I do want to reduce the burden being paid by middle-income Americans. And to do that, that also means I cannot reduce the burden paid by high-income people."

PRESIDENT BARACK OBAMA

In response to Romney's tax plan:

"If you're lowering the rates as you describe, governor, it is not possible to come up with enough deductions and loopholes that only affect high-income individuals or burdening the middle class. It's math, it's arithmetic."

On small business:

"We do have a difference when it comes to definitions of small business... Under Governor Romney's definition there are a bunch of millionaires and billionaires who are small businesses. Donald Trump is a small business. And I know Donald Trump doesn't like to think of himself as small anything but that's how you define small business if you're getting business income."

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