Just 34 days before the election, the debate could be a crucial moment in the race for the White House, especially if Mr Romney is deemed to have done well after weeks of campaign missteps and discouraging polls numbers.

Anna Fifield, the FT’s US political correspondent, is covering the debate live with assistance from Arash Massoudi in New York and with additional comments from FT colleagues. All times are EST.

23.02 And with that, we’re signing off at the FT’s live election blog. Keep checking FT.com for news and analysis over the coming hours as we examine how this debate shapes the course of the campaign.

23.00 The question of which presidential candidate is more fiscally responsible is likely to come up repeatedly over the remaining days of the election.

Mr Obama said Mr Romney’s tax cuts would cost $5tn, portraying him as fiscally reckless. Mr Romney denied any such suggestion and railed against the president’s healthcare plan. We can expect this story line to endure.

22.57 Some commentators were pleasantly surprised by the level of detail in tonight’s debate, especially on taxes and Medicare, compared to previous campaign discussions.

22.55 After the debate, two of Mr Obama’s top campaign advisers, David Axelrod and Stephanie Cutter, both conceded that Mr Romney won on style, even as they said the president won on substance. Read more

Another late night in Boston, another Romney fire-fighting operation. “God Bless Half of America,” said one of the milder tweets on the audio of Mitt Romney complaining about the 47 per cent of Americans who “do not pay taxes”.

Viral Romney disaster moments are beginning to crop up with almost metronomic regularity. Read more