Obama vs. Romney on Debt and Deficits

Obama vs. Romney on Debt and Deficits

A recent article at the Christian Science Monitor explores the ways in which candidates Obama and Romney differ on the biggest issue of our time – the national debt crisis.

The first difference is in how much the government should spend.  Governor Romney favors a 20% GDP spending cap; Obama favors no such cap.  The difference amounts to some $400 trillion – enough so that the Romney plan would lead to what bipartisan experts say is a fiscal sustainable path.  The problem, of course, is keeping that promise.

How do the candidates plan to get there?  Romney promises $4 trillion in spending cuts.  But it’s not quite clear where these cuts will come from.  Obama’s plan calls for higher taxes on millionaires and other successful people.  Neither candidate has addressed specific ways in which they’ll reform entitlement spending.  Both candidates support tax reform, but it’s again not quite clear which taxes they want to touch.  Both candidates appear to be punting when it comes to addressing the fiscal crisis – wait until 2013.  Obama supports an increase in the debt ceiling and Romney opposes it – unless Congress passes a plan to “cut, cap, and balance” the federal budget.

Read the very detailed and informative article from the Christian Science Monitor here.

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