Most part of the debate between Obama and Romney focussed on taxes, deficits and the best options available to revive the US economy from its current downturn.
With just five weeks to go before the election, the first face-to-face encounter between Obama and Romney was a closely watched event by both American voters and political experts. Moreover, as the debate concentrated on domestic issues of US, the concern of American citizens like a weak economy and high unemployment rate of 8.1 per cent dominated the discussions between the two.
After Wednesday's debate, Obama and Romney will meet again in another two occasions in October, before US citizens vote for its next President.
Since the beginning of the debate, Romney maintained his constant attack on his rival Obama. And in most part of the debate moderated by Jim Lehrer of PBS, Obama looked defensive as he tried to explain his economic policies.
Obama warned the US citizens that Romney wants to return back to policies that had earlier caused great harm to US economy. In reply, Romney said Obama's policies did no good to the country and US needs a change.
"Going forward with the status quo is not going to cut it for the American people who are struggling today," Romney said.
Romney also accused that due to Obama's policies "middle-income families are being crushed."
Obama in reply said that he managed to stabilise the economy at a time when US was reeling under recession.
He added that his government prevented a meltdown after inheriting an economy in free fall from the Republican administration of George W Bush.
Romney said that he would repeal and replace regulations passed after the 2008 financial crisis. In reply to this, Obama said, "Does anyone think there is too much oversight and regulation of Wall Street?" If so, "Gov. Romney is your candidate."
Obama said his opponent's plan to reduce all tax rates by 20 per cent would cost $5 trillion and benefit the wealthy at the expense of middle income taxpayers. "Virtually everything he just said about my tax plan is inaccurate," Romney retorted back.
However, critics of Obama gave him a thumbs down. They questioned Obama's economic policies and said he lacks a vision to provide life to the weak economy. They said that it looks difficult for Obama to reclaim the President's office for a second-term.
The next two debates between Obama and Romney are slated for Oct 16 in New York and Oct 22 in Florida.
The Vice Presidential debate between Joe Biden and Romney's running mate, congressman Paul Ryan, will be on Oct 11 in Kentucky.