Essay on Obama vs. Romney

Submitted By favazquez
Words: 345
Pages: 2

Obama: Failed in pledge to cut the deficit "we inherited" by half by the end of his first term. The deficit when he took office was $1.2 trillion, and the $800 billion stimulus bill Obama signed soon afterward increased the shortfall to more than $1.4 trillion. The deficit for the recently completed 2012 budget year registered at $1.2 trillion, marking the fourth consecutive year of trillion-dollar-plus red ink. Now promises to cut projected deficits by $4 trillion over 10 years, a goal that will require Congress to raise the capital gains tax, boost taxes on households earning more than $250,000 a year and impose a minimum 30 percent tax on incomes above $1 million. The target also assumes a reduction in the amount of interest the government must pay on its debt and incorporates $1 trillion in cuts already signed into law. Nation's debt surpassed $16 trillion this year. Federal spending is estimated at 23.5 percent of gross domestic product this year, up from about 20 percent in the previous administration, and is forecast to decline to 21.8 percent by 2016.
Romney: Promises to cut $500 billion per year from the federal budget by 2016 to bring spending below 20 percent of the U.S. economy and to balance it by 2020, but vital specifics are lacking. At the same time would increase military spending, reverse $716 billion in Medicare cuts and cut taxes. Defended 2008 bailout of financial institutions as a necessary step to avoid the system's collapse, opposed the bailout of…