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August 5th, 2012
03:56 PM ET

SOTU Crib Sheet for August 5th

ON STATE OF THE UNION:

Republican Senator Lindsey Graham of South Carolina took on Senate Majority Leader Harry Reid saying, “I think he's making things up, and at a time when the country is just about to fall apart.” He also urged the president and congress to “find a way to avoid sequestration,” calling it “the dumbest thing.”

Obama campaign senior adviser Robert Gibbs said that Mitt Romney could easily clear up the whole issue. “Mitt Romney can go to Kinko's; he can photocopy his tax returns. ... He could hand them out to reporters all over the country. And, you know what, we wouldn't talk about this tomorrow. ... I’ll send him the nickels.”

BET Founder Bob Johnson and former Hewlett Packard CEO Carly Fiorina discussed the mixed news out of the July jobs report and the candidates’ plans for the economy. Ten months after saying that Obama needs to “recalibrate his message” on business, Johnson said that he thinks that “the business community is prepared to give the president a second chance at re-election.” Fiorina says the president has yet to focus on the right issues for the business community and the economy is “bumping along at a very bad place.”

Plus, CNN’s chief political analyst Gloria Borger’s exclusive interview with Mitt Romney, where he continues to tout his economic plan “I can absolutely make the case that now is the time for something dramatic and it is not the time to grow government. It's the time to create the incentives and the opportunities for entrepreneurs and businesses big and small to hire more people and that's going to happen. You're going to see that happen in this country, but not under this president.”

STATE OF THE UNION HIGHLIGHTS
(For more videos check our website)

Sen. Lindsey Graham (R-SC) on Sen. Majority Leader Harry Reid:
“What he did on the floor of the Senate is so out of bounds. I think he's lying about his statement, of knowing something about Romney. … I think he has created an issue here. I think he's making things up. And at a time when the country is just about to fall apart.”

Sen. Lindsey Graham (R-S.C.) on taxes:
“Bowles-Simpson says let's flatten the tax code, let's eliminate all deductions but two, take the money to pay down rates, and to pay off debt. ... I’m not going to do a short-term thing that's stupid. It would be stupid in an economy this weak to raise tax rates on a million small businesses at a time they can't hire people now. If you're looking for a job, this election is not about Romney's tax returns. It's about your tax returns.”

Robert Gibbs, Obama Campaign Senior Adviser, on Mitt Romney’s taxes:
“We could put all this stuff to rest tomorrow. Mitt Romney can go to Kinko's; he can photocopy his tax returns. There are several hundred pages. He could hand them out to people like CNN; he could hand them out to reporters all over the country. And, you know what, we wouldn't talk about this tomorrow. We wouldn't say is he paying taxes; what's he paying. The whole world would know exactly what loopholes he's taking advantage of.”

Robert Gibbs, Obama Campaign Senior Adviser, on the economy:
“Are we where we need to be? Absolutely not. Nobody believes that. We have worked hard to move this economy forward and we can't go backwards and try the ideas that Mitt Romney wants, which is more tax cuts for rich people and let Wall Street write its own rules.”

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