Obama, Romney face off in first US presidential debate

US President Barack Obama and Republican challenger Mitt Romney have traded barbs over their economic proposals in the first televised debate of the US presidential campaign.

Each has attempted to paint his economic vision as best for the United States and paint his opponent as out of touch with what is needed.

Obama pointed to the dire straits the US economy was in when he took office in 2009, saying the situation has improved, but more needs to be done.

Romney outlined stories of voters he met on the campaign trail who had lost jobs during the recession and said he could help them.

President Obama is promising to invest in education and training, develop new sources of energy and change the tax code to help small businesses.

"That we take some of the money that we're saving as we wind down two wars, to rebuild America. And that we reduce our deficit in a balanced way that allows us to make these critical investments."

Mitt Romney says wants America to be energy independent, open up more trade especially with Latin America and crack down on China.

"Number three, make sure our people have the skills they need to succeed, and the best schools in the world, who are far away from that now. Number four, get us to a balanced budget."

Mr Romney says he'd also champion small business.

Both Obama and Romney have laid their cards on the table when it comes to dealing with America's national debt.

They're facing off at Denver University in the first of three presidential debates.

Republican contender Mitt Romney says he'll eliminate all programmes that aren't worth borrowing money from China for.

"Obama-care is on my list, I apologise Mr President, I use that term with all respect by the way. So I'll get rid of that."

Barack Obama has a $4 trillion deficit reduction plan.

He'd ask for a dollar of additional revenue for every $2.50 of cuts.

"Paid for, as I indicated earlier, by asking those of us who've done very well in this country, to contribute a little bit more to reduce the deficit."

VIDEO: US presidential debate preview

A  political expert says Mitt Romney will struggle to compare himself with President Barack Obama in the first Presidential debate getting underway in America.

The televised debate between the two presidential candidates is expected to attract around 30 million American viewers and focus on the economy.

University of Auckland associate professor of political studies Steve Hoadley says Barack Obama will come out on top.

"Romney has a different style, he's a little bit more wooden. He's certainly a good looking man and he speaks well by any standard, but I don't think he can quite hold up to the high standard that Obama has set."

Mr Hoadley says voters are likely to respond again to the Obama rhetoric which sparked excitement among American's in the last election.

NewstalkZB's coverage of the Presidential Debate will continue throughout the afternoon.

Photo: Mitt Romney, Barack Obama (Getty Images)