Obama knocks Romney tax plan as 'sketchy deal'

Obama said Romney's tax plan, when combined with vows to increase military spending and maintain the Bush-era tax rates for the wealthy, doesn't add up.

"If somebody came to you, governor, with a plan that said, 'Here, I want to spend seven or eight trillion dollars, and we're going to pay for it, but we can't tell you until maybe after the election how we're going to do it,' you wouldn't have taken such a sketchy deal, and neither should you, the American people," he said.

The Obama and Romney campaigns have sparred for weeks over Romney's tax plan, which he said would lower rates across the board by 20 percent, repeal other taxes and overhaul the corporate code. The GOP nominee has vowed his plan will not add to the deficit, and says the lost revenue would be covered by eliminating various deductions, exemptions and tax credits.

The Obama campaign contends Romney's plan is not mathematically possible, and the president attacked Romney for not specifying what deductions and credits he would eliminate to cover the cost of lowering rates.

"We haven't heard from the governor any specifics beyond Big Bird and eliminating funding for Planned Parenthood in terms of how he pays for that," he said.

Click here to read more on The Hill's On the Money blog.