"What’s considered cheating in a debate, and what’s the penalty? Mitt Romney might soon find out, if a slow-motion video that shows him pulling a mystery object—which the liberal blogosphere alleges is notes, and the Romney camp insists is a handkerchief—out of his pocket while approaching the podium is proven to be a cheat sheet. Let the Hankeygate debate commence!"
Something to add: "His body language suggests that he's being very careful to minimize the object's visibility to the audience or camera that's currently on him, and that's no handkerchief. Even if it was folded, starched and ironed no handkerchief would bounce like that. It's a folded piece of paper."