ROMNEY: "I will lead us out of this debt and spending inferno.
ROMNEY: "I will lead us out of this debt and spending inferno. We will stop borrowing unfathomable sums of money we can't even imagine, from foreign countries we'll never even visit. I will bring us together to put out the fire."
THE FACTS: Romney's tax and spending plans don't support his vow to dampen the debt fire. He proposes to cut taxes and expand the armed forces, putting yet more stress on the budget, and his promise to slash domestic spending isn't backed by the big specifics. Romney's tax plan would cut the top income tax rate to 28 percent from 35 percent and other rates by 20 percent each. He says he'd broaden the tax base and eliminate many deductions in the process, but details are missing.
A study by the nonpartisan Committee for a Responsible Federal Budget concluded earlier this year that Romney's plans would not make a dent in deficits, and could worsen them considerably. That study was done before Romney upped his tax cuts, inviting even deeper debt.
That's not to say he can't at some point lay out the spending cuts necessary to achieve his aims. But he would have to slash domestic programs by more than 20 percent — far more than the 5 percent in immediate cuts he has proposed. It is nearly unthinkable that Congress would approve the evisceration of basic federal functions such as food inspection, air traffic control, the Border Patrol, FBI, grants to local governments, health research, housing and heating aid for the poor, food aid for pregnant women, national parks and much more.
Nowhere in Tuesday's speech was there a new idea of how Romney would accomplish the promised deficit reduction. He spoke generally of reforming Social Security and Medicare, eliminating duplicative government programs, and transferring some functions to the states or the private sector, adding that he would "streamline everything that's left."
Read more: http://www.foxnews.com/us/2012/05/16...#ixzz1v2ioK78m
Ok just how's that supposed to work out.
