Bluefield Daily Telegraph, Bluefield, WV

Presidential Election

October 5, 2012

WHY IT MATTERS: Issues at stake in election

A selection of issues at stake in the presidential election and their impact on Americans, in brief

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Most lawmakers want a simpler tax code, but millions count on the mortgage interest deduction, child tax credit and more, making progress all but impossible.

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Wall Street regulation:

The debate over banking rules is, at its core, a dispute about how to prevent another economic cataclysm.

The financial crisis that peaked in 2008 touched off a global economic slowdown. Four years later, the recovery remains painfully slow.

After the crisis, Congress passed a sprawling overhaul of banking rules and oversight. The law gives regulators new tools to shutter banks without resorting to emergency bailouts. It restricts risky lending and establishes a new agency to protect consumers from misleading marketing and other traps.

The new rules also boost companies' costs, according to Romney and many in the business community. Romney believes the law is prolonging the nation's economic agony by making it harder for companies to invest and grow. He has pledged to repeal it. Obama fought for and supports the law.

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Associated Press writers Nancy Benac, David Crary, Tom Raum, Seth Borenstein, Robert Burns, Jack Gillum, Paul Wiseman, Carole Feldman, Mark Sherman, Matthew Pennington, Bradley Klapper, Ricardo Alonso-Zaldivar, Daniel Wagner, Stephen Ohlemacher, Alicia A. Caldwell and Christopher S. Rugaber contributed to this report.

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Presidential Election