Fact-checking Obama, Biden’s DNC speeches

>>> the romney campaign released a fast critique of the president's convention speech last night. in fact they sent out reaction 22 minutes before the speech ended. here's what the campaign manager wrote. president obama laid out the choice in this election making the case for more of the same policies that haven't worked for the past four years. he offered more promise but he hasn't kept the promise he made four years ago. also a night for vice president biden who went after mitt romney here on his stance on the auto bailout.

>> he was willing to let detroit go bankrupt. i think he saw it the bain way. i mean this sincerely. he saw it in terms of balance sheets and write offs. folks, the bain way may bring your firm the highest profits, but it's not the way to lead our country from the highest office.

>> to help us separate fact from fiction is the "the washington post " fact checker . good to see you. good morning. as we did last week with mitt romney 's speech we want to remind everybody you don't assign -- joe biden said mitt romney was willing to let detroit go bankrupt.

>> there was a headline on an opinion article that romney wrote that used the word bankruptcy let detroit go bankrupt but he was talking about a managed bankruptcy, essentially what the obama administrations ended up doing. however most experts do say that if managed bankruptcy had been tried at the time romney suggested it, it probably wouldn't have worked.

>> the vice president attacked mitt romney 's tax plan. let me play that.

>> governor romney believes it's okay to raise taxes on middle class by $2,000 in order to pay for another, literally another trillion there are tax cut for the very wealthy. president obama knows that there's nothing decent or fair about asking people with more to do less and with less to do more.

>> does mitt romney plan to raise taxes on the middle class ?

>> he says he doesn't. in fact, he insists he won't. what the vice president is referring to is there's been an analysis of his plan which is still pretty vague which suggests in order to get the kind of cuts he wants and eliminate the loopholes he talks about, that would cause some taxes to raise for middle class people. though, of course, romney could adjust this plan if he becomes president.

>> one of the big controversial ones is deduction for mortgages. let's turn to some of the president's comments. he talked about his efforts to save entitlement programs.

>> we will keep the promise of social security by taking the responsible steps to strengthen it, not by turning it over to wall street .

>> what's that reference? mitt romney and republicans want to turn social security over to wall street .

>> it's a pretty outdated reference. back in the 2008 campaign there was some interest among republicans including romney in adding private accounts to social security which would allow people to invest their money in the stock market . romney has dropped that. he no longer supports it. he support as plan that's very much akin to what al gore proposed in the 2008 campaign.

>> not something that the republicans would like to talk about too much about, mitt romney and al gore .

>> the president addressed plans to tackle the deficit.

>> you can choose a future where we reduce our deficit without sticking it to the middle class . independent experts say that my plan would cut our deficit by $4 trillion. last summer i worked with republicans in congress to cut a billion dollars in spending.

>> he meant to say a trillion dollars there. how do you rate those statement?

>> here in washington it's easy to mix up a billion and a trillion.

>> it's close.

>> that $4 trillion figure is really not that accurate. most analysts look to the way the way the administration came up with that and there's some bogus washington accounting going on there. he gives himself credit for ending wars in iraq and afghanistan and wants to spend that money in the last election he said was borrowed money and apply it to other spending priorities. so, the $4 trillion figure is not one you can take to the bank.

>> thank you so much. it's good to see you.

>> good to see you.