Fact or fiction in US presidential debate?

President Barack Obama and his Republican rival, Mitt Romney, faced off in their first of three debates before the Nov. 6 presidential election. Here is some fact-checking of claims made by the candidates.

DOES ROMNEY'S PLAN CALL FOR $5 TRILLION TAX CUT?

Obama repeatedly criticized what he called Romney's $5 trillion tax cut. But Romney said his plan did not call for a $5 trillion tax cut. Which one is right?

The Tax Policy Center, a centrist think tank, estimated in March that the Romney plan would cut federal tax revenues by $480 billion in 2015, or just under $5 trillion over 10 years. The center noted its analysis was incomplete because Romney had not said how he would broaden the base of taxpayers to help lower rates.

Conservative groups dispute the Tax Policy Center analysis, arguing in part that it did not take into account enough tax breaks. They said the analysis was based on many unproven assumptions and was therefore inaccurate.

TAX BREAKS FOR SHIPPING JOBS OVERSEAS

Romney challenged Obama's statement that companies can take a tax deduction for shipping jobs overseas.

Look, I've been in business for 25 years. I have no idea what you are talking about. I maybe need to get a new accountant. The idea that you get a break for shipping jobs overseas is simply not the case, Romney said.

What Obama was actually describing was a tax break for ordinary business expense, including deductions allowed for a company if it closes its plant in the United States and moves it to another country.

In July, Senate Republicans blocked a Democratic proposal that would have provided a tax credit to companies that move production back to the United States. It also would have ended the tax break that companies can claim when closing a domestic plant, even if operations are moving abroad.

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