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Presidential debate: Obama's 'horse and bayonet' jibe

23 October 2012 Last updated at 04:24 BST

Barack Obama has criticised his Republican rival Mitt Romney by saying he does not understand that the US military has moved on from "horses and bayonets".

The exchange, during the third and final presidential debate, began when Mr Romney accused the president of cutting the US military.

Mr Romney said the US Navy was "smaller now than at any time since 1917".

Mr Obama replied that military capability was not necessarily about the number of ships you have.

For more of the BBC's coverage of the 2012 election check out our special report here.