Obama says Romney would cut school funding

US President Barack Obama (R) greets Republican presidential candidate Mitt Romney (L) following the first presidential debate at Magness Arena at the University of Denver in Denver, Colorado, October 3, 2012. After hundreds of campaign stops, $500 million in mostly negative ads and countless tit-for-tat attacks, Obama and Romney went head-to-head in their debut debate.

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DENVER -- President Barack Obama says Republican rival Mitt Romney favors cutting a fifth of the Education Department's budget while Romney is countering that Obama directed $90 billion to so-called "green jobs" - a sum, he says, that would hire 2 million teachers.

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Obama says there are challenges that only the federal government can solve. Romney says government should do only what is prescribed in the Constitution and challenges that only have federal solutions, such as national security.

Obama pointed to Romney's running mate, Paul Ryan, whose budget proposals make sharp cuts across the board. Romney retorted that Washington invested in new failed energy research.