The first presidential debate on Wednesday night, revealed a lot about the four year plan President Barack Obama and Republican nominee, Mitt Romney have in store for America, if either one is elected into office.
Both candidates shared their views on mortgages, the housing market, taxes and whether or not Donald Trump falls under the category of small businesses.
Mitt Romney said, "You say we were giving mortgages to people who weren't qualified. That's exactly right. It's one of the reasons for the great financial calamity we had. And so Dodd-Frank correctly says we need to have qualified mortgages, and if you give a mortgage that's not qualified, there are big penalties, except they didn't ever go on and define what a qualified mortgage was."
President replied back saying, "And, you know, I appreciate and it appears we've got some agreement that a marketplace to work has to have some regulation. But in the past, Governor Romney has said he just want to repeak Dodd-Frank, roll it back.
Obama also mentioned during the debate, that increasing taxes up to 3 percent, on the top, of businesses would create more jobs in the economy, without having an effect on educational funds. Mitt Romney argued and said that plan will kill job growth instead of creating them.
The candidates went back and forth as they argued about whether or not Donald Trump was considered a small business.
"Under Governor Romney's definition, there are a whole bunch of millionaires and billionaires who are small businesses," President Obama said.
"Donald Trump is a small business. Now, I know Donald Trump doesn't like to think of himself as small anything -- but that's how you define small businesses if you're getting business income."
According to the CNN, the overall accepted definition of a small business is any business that employs fewer than 500 people.
"The Trump Organization employs 22,000 people. But Trump also runs a number of other companies that employ fewer than 500," CNN confirmed.
So under the federal definition, Trump qualifies as a small business.
