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Build up. bad politics on the timing. bad policy in terms of the fairness question. there's something else here. he claims that these are capital gains. and that he's a job creator. let's remember, this is a loophole for venture capitalist. he didn't go out and start a business in a basement. if he could tell that story, he would be in a better position for the american people. he's a financial guy. these are fees. it's a loophole. if you're looking to campaign as a reformer, someone to clean up the tax code, this isn't the way to do it. >> dean, romney defends his tax rate as fair because of ...

Virginia, there are a lot of wrinkles to virginia. it's got a relatively low unemployment rate, got a conservative governor, conservative legislature, 5.6 i think it was in may, the unemployment rate, obviously almost three points below the national average, a lot of that defense spending, a lot of that federal spending, dependent on federal spending. obviously northern virginia with the pentagon and the federal government right across the river. virginia is to a certain extent dependent on the federal government and federal spending. it's a bit of a wrinkle there, little bit of a conundrum fo...

Long can he sustain not answering these questions, because it's very clear that the obama campaign is not going to let up on them. these stories are being written by various news outlets but the obama campaign seizes on them immediately and holds conference calls and puts out ads and web ads and we had a poll with nbc showing that this issue is gaining some traction and cutting into romney's economic argument in certain key swing states. so there's no reason at all for the white house in their view to let up on it. >> i think it's amazing, i thought this was such a glimpse into the romney hive...

In the next few minutes, president obama will take the stage in virginia beach, which is the first of six campaign stops he'll make in the state today and tomorrow. nbc news white house correspondent micore responsibility joins us -- core spent joins us now. >> it is a very important state, no question about it. i was surprised to learn starting with facts and figures, virginia beach is the largest city in the commonwealth of virginia. we'll start with that and point out that president obama won virginia by six points in 2008, of course, becoming the first democrat to win that state since lbj ...

Union membership. >> well, decline in union membership over the last 30 years has a number of causes, one of which is the industrialization that begins in the 1960s, 1970s, as the governor alluded to in the discussion earlier, is that you had a number of industries including the garment industry flee the united states and flee unionization for other places around the globe, mexico, the auto industry went to mexico and other places as well. at the same time, you had an assault by the republican right, ronald reagan fired the 11,000 air traffic controllers, 1981. >> a line in the sand, vis a vis...