Complete coverage of Rick Perry's Presidential run

GOP Debate Focuses on Economic Issues

By Steve Peoples and Philip Elliott
|  Thursday, Oct 13, 2011  |  Updated 10:49 AM CDT
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Debate May Do Little to Help Perry

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Gov. Rick Perry, former CEO of Godfather's Pizza Herman Cain and former Massachusetts Gov. Mitt Romney were some of the eight GOP candidates who met for the first debate of the 2012 campaign focusing solely on the economy.

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Tuesday's Republican debate may do little to help Gov. Rick Perry stop his recent slide in polls.

With Mitt Romney and businessman Herman Cain getting more questions than the others, Perry often seemed to fade into the background. In the first 30 minutes of the debate, Perry spoke only two or three times.

Perry also had to defend himself for not yet offering his own economic plan.

"I'm not going to lay it out all for you tonight," he said. "Mitt's had six years to be working on a plan -- I've been in this for about eight weeks -- but clearly, we're going to be focused, initially, on the energy industry in this country and making American again independent."

"Perry is on the ropes," tweeted Wade Emmert, co-chair of the Dallas County Republican Party.

Emmert later tweeted that he thought Romney won the debate, with Cain a close second -- and Perry coming in last.

The debate was the first to focus on the nation's economy.

When each candidate was given a chance to ask a question of anyone else, Romney directed his to Minnesota Rep. Michele Bachmann. His choice seemed to suggest that he doesn't see Perry as a threat, and it might play well with female voters and with staunchly conservative voters in Iowa, where Perry needs to do well.

Romney accused President Barack Obama of failing to lead in a time of economic peril but also positioned himself closer to the center in line with his claim that he can draw crucial independent voters in next year's general election.

Obama took a verbal beating from all of the Republican challengers. All said they would handle U.S. economic problems far differently from the man they hope to replace.

The Wall Street bailout is a particular sore point with many conservative voters who will play an important role in choosing the Republican nominee next winter and spring.

Romney said no one likes the idea of bailing out big firms. However, he said, many of the actions taken in 2008 and 2009 were needed to keep the dollar's value from plummeting and "to make sure that we didn't all lose our jobs." The nation was on a precipice, Romney said, "and we could have had a complete meltdown."

Romney said he disagreed with Obama's actions to shore up General Motors and Chrysler, although the administration says the moves were highly successful and much of the federal money has been repaid.

Romney also said he would work with "good" Democrats to lead the country out of economic crisis. He said that's what he did as Massachusetts governor and what he would do if he wins the White House.

Perry was not asked about the bailouts, but his campaign distributed his past statements saying "government should not be in the business of using taxpayer dollars to bail out corporate America."

In the debate, sponsored by Bloomberg News and the Washington Post, Perry said the government must open the way for more production of domestic energy sources. The nation must "pull back those regulations that are strangling American entrepreneurship," Perry said.

Former pizza company executive Cain repeated his call for replacing the U.S. tax code with a 9 percent national sales tax and a 9 percent levy on personal and corporate income.

Given a chance to assail Wall Street, Bachmann blamed too much regulation. She also said Obama wants to let Medicare collapse, pushing everyone into "Obamacare," the health overhaul passed by congressional Democrats in 2010.

Former House Speaker Newt Gingrich blamed Federal Reserve Chairman Ben Bernanke for the recession.

Also criticizing aspects of Obama's administration were Rep. Ron Paul, former Utah Gov. Jon Huntsman and former Sen. Rick Santorum of Pennsylvania.

Meanwhile, Obama defended his economic policies and criticized his Republican foes in a visit to the general election battleground of Pennsylvania.

In the debate, Gingrich said Americans have a right to be angry about the economy, but he said that the solution is firing Bernanke and Treasury Secretary Timothy Geithner. "If they want to really change things, the first person to fire is Bernanke, who is a disastrous chairman of the Federal Reserve. The second person to fire is Geithner," Gingrich said.

Many of Cain's rivals went after his "9-9-9" tax plan -- both seriously and in jest. "I thought it was the price of a pizza when I first heard it," Huntsman joked.

Stealing a bit of attention from the debate, Romney picked up New Jersey Gov. Chris Christie's endorsement a few hours before it began. He's hoping that endorsement, by a man considered a possible major contender until recently, will help cement his support among the GOP establishment and nurture an image that he's the party's inevitable nominee.

Tracking Rick Perry:
For the latest on Rick Perry's run for the White House, click here to see our special Tracking Rick Perry section. View videos, photos, and stories on the Texas governor's presidential run.

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