(CNN) – Republican presidential candidate Mitt Romney on Wednesday referred to a new Congressional Budget Office report that outlines the potentially dismal impact of the impending "fiscal cliff" as "unacceptable."
The CBO report found that the spending cuts and tax increases would result in a recession and higher unemployment. However, the report also said it would improve the outlook of the federal government's budget deficit.
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"Today was a very revealing day, because the CBO came out and said we're going to have another, a fourth year in a row with over a trillion dollars of spending above revenue. Unacceptable," Romney said Wednesday evening to a crowd of roughly 100 people at a fund-raiser at the Peabody Hotel in Little Rock.
Romney continued, "This is a challenging time for America, and one thing I will do is I will finally cut federal spending, encourage growth, and by virtue of those two things get America to a balanced budget."
The so-called fiscal cliff comprises a massive amount of tax hikes and spending cuts that are set to kick in beginning in January of next year. Among the fiscal changes is the expiration of the Bush tax cuts and $1.2 trillion in widespread federal cuts that will be triggered if Congress fails to reach an alternative deficit-reduction plan by the end of the year.
The scheduled automatic cuts–also known as sequestration–came about as a result of the Budget Control Act of 2011, a compromise budget measure passed into law after Congressional negotiations failed to agree on a deficit-reduction plan last fall.
Romney's remarks Wednesday night built on a statement released by the campaign earlier in the day that pinned responsibility on President Barack Obama for the CBO's findings.
Romney campaign spokeswoman Amanda Henneberg wrote in the statement that the report was "another indictment of President Obama's economic policies that have resulted in overspending, increasing debt, and a growing financial burden on the next generation."
"The Romney-Ryan Plan will get America back on track with lower spending and 12 million new jobs for middle-class families," she wrote Wednesday.
Romney's vice presidential pick, House Budget Committee Chairman Paul Ryan, along with many other Republicans, voted for the passage of the Budget Control Act last year, which triggered a series of steps that could lead to sequestration. It was signed into law by Obama on August 2, 2011 and was also supported by Democrats.
At the time, he said the measure represented "a victory for those committed to controlling government spending and growing our economy."
Democrats, however, point the blame at Republicans as responsible for the impending fiscal cliff.
White House Press Secretary Jay Carney wrote that Republicans, who control the House of Representatives, had "chosen to double down on the same failed policies that led to the economic crisis in the first place."
"They're willing to hold the middle class hostage unless we also give massive new tax cuts to millionaires and billionaires – tax cuts we can't afford that would do nothing to strengthen the economy," Carney wrote.
Romney's comments were made at an event expected to raise "safely over $2 million," the single largest fund-raising event in the history of Arkansas, according to the Romney campaign.
Over 250 tickets for the event were sold, costing between $2,500 and $50,000 per person.
- CNN's Dana Davidsen, Kevin Liptak, Gregory Wallace and CNNMoney's Jeanne Sahadi contributed to this report.
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The Republicans from the House to Mitt Romney are the demise of our country. They are all shills for their own special interests, not the people who pay the taxes, their wages, pensions, expenditures, appeals and walk-outs.
I HOPE THAT EVERYBODY SAW OBAMA'S SPEECH IN NEVADA !!! I nearly busted a gut when the CIC said "...the ReDumblicans in Congress (crowd boo's) he said " No, No, No, don't boo....VOTE" I can imagine back in the ReDumblican war-room of stupidity, the operatives in the Mitt Dumb-nee/Ayn Rand campaign said " wow, this will be a real issue to say President Obama is running a campaign of division and hate – But knowing these baffoons and their idiot supporters, they will soldier on with the lies and mistruths.
I can't for the life of me see how anybody with two ounces of good sense would consciously vote and support the party of stupidity. But then again, we do have the rise of the Tea Toilet -pointy hats. And the GOP/Tea toilet leaders say we need to cut education.....the dumbing down of America continues with the rise of the new American Taliban Party – The tea-a-tard brought to us courtsey of Faux News, the network for those not so smart in the head
Most not have been enough outsourcing and tax cuts for the rich to please Romney.
"12 million new jobs for middle class families" – doing WHAT? If your plan is so sure to succeed, then RELEASE IT NOW so economists and the American voter can look at it and evaluate it for themselves!
you mittens are unacceptable and your party the reason we have such a bad report. Tell us about your taxes you lying sack. What loop holes will you use to keep your money while screwing the rest of us.? OH you don;t have to woory your money is in the caymens. We will go off the cliff if you guys get in .
I'm going to follow the President's advise, I'm not gonna boo, I'm gonna vote. But I will continue to call the GOP/Tea Toilets idiots because they've spent all their time trying make our president a failure, while sacrafices what's best for this country. Sorry....I just haven't had my conversion. I was taught to call it as I see it....that means I'll continue to call the GOP/Tea Toilets names until they are extinct and removed from leadership of this great country.
At those prices who is it that is supposed to be so hard up? I'll bet that those tickets cost a lot more than the 3% in taxes that will supposedly break their backs,eh? I'm so sick of Republicans. I hope that Isaiah spanks them soundly.
Robme,go back to you planet....we don't believe anything you have to say......
The president Obama presented the GOP an opportunity to cut the budget in returns for raising taxes on the rich. The GOP said no because they wanted protect their rich friends, like you.
More importantly, The GOP insisted on automatic cuts under the deal with president Obama. The said yes. Now the GOP want to back out the deal to save both defense cuts and taxes for the rich.
Now that you know the true facts, please sit down and shut up.
And yet he is still wanting tax breaks for the richest 1%. And he is willing to cut benefits to older Americans, cut educational spending for America's youth and slash benfits for the poor, minorities and handicapped while raising taxes on the middle class to get those tax cuts for his friends.
My God Mr Rmney, have you no shame.
If the GOP would come to the table and actually compromise about something – anything – then the whole mess can be avoided. Stop trying to do nothing and blame the president for everything that goes wrong. And start working for America. GOP = Party before People.
The rich are running to Romney in the hope he can protect them from a tax increase. Romney will ruin this country with his trickle down theories. At some point even the rich will suffer. Remember all those millionaires who leaped from skyscrapers during the crash of 1929?
Neither Obama nor Romney can do anything about this.
It's up to Congress.
Congress needs compromise to get anything done.
And 276 of the the 289 Republicans in Congress have signed the Norquist pledge to oppose taxes under any circumstances, making compromise impossible.
There's the problem.
Of course Romney is going to deny the truth of the CBO rating of his plan – from what little detail they have provided the CBO. The CBO has rated and evaluated the Ryan budget and called it "unworkable" and "would kill 14M jobs" in addition to increasing the deficit by trillions. Even if it worked "perfectly" the CBO said and that is making a lot of assumptions, the deficit would not be reduced for more than 30 years.
Let's get real about the Romney/Ryan budget. It destroys Medicare completely. It destroys Medicaid completely. It destroys Social Security, public education funding, and everything from food stamps to PBS to veteran pensions. It wipes our all People programs and not one dime goes towards the deficit – it goes to corporate welfare – no EPA regulations on polluter industries, no more bank regulations again (since it worked so welll when Bush did it), no corporate tax cuts and deeper tax cuts for the wealthy. There is NOTHING in their plan for jobs, infrastructure, or economic recovery.
There is not a single segment of American society not hurt by the Romney plan – women, seniors, children, students, workers, the poor, and not just economically but in our most basic rights as citizens and human beings.
I know what President Obama stands for and he has proven his commitment to ALL Americans. Romney has not told us anything he is FOR nor committed to any policy or issue. All he does is attack President Obama with TV ads called :outright lies" by fact-checing groups. Romney stands for Nothing and has chosen the most extreme social agenda VP candidate in decades.
I trust President Obama and he has earned the trust of the Ameircan People. We need to get out and vote for him since he has never stopped fighting for us despite constant obstruction of all legislation to help us by House and Senate Republicans. President Obama is a true leader and I am proud to have him as my President.
romney will do nothing to help anyone with the exception of his group ! i would never vote for a liar !
Oh yes. Remind people that Republican obstructionism in last year's debt limit fight (Yes, this is correct. Bohenor was close to a grand bargain before being blocked by his own party) is the cause of this mess, Romney. Keep shooting yourself in the foot, pal.
This is still the republican economy, they caused it and now they won't get out of the way. The republican leadership are holding the American people hostage by obstructing good sound policies from the left, creating chaotic situation where there shouldn't be. I can honestly say that the republican leadership has done absolutely nothing to improve this economy. In 2010, the republican congress ran on "Jobs, Jobs and jobs". They, the House with Boehner as a figure head, by the way, is the worst Speaker of the house in history. Where are the jobs? This election should not be about replacing the president, it should be about replacing the whole republican leadership . . . Period.
Romney is clearly a spineless lier, proven through and through. I can't figure out, why, for the life of me, people still are following this guy the snake oil pied piper. His hate, lie and envious tone towards the president, entices people who are riddled with bigotry and fear, to follow him, to their doom. The ones who are resistance, Romney straps them to the roof of his car, caged in lies.
simple worrds to the obama administration, BULL
We already know that this stupid plan hatched by a gutless Congress will have a devastating negative impact in ways foreseen and unforeseen. What would Romney do about it? Even scarier is the possibility that R&R might actually get elected. As Abe Lincoln said about a dog he saw chasing a train,"I wonder what he would do if he caught it?"
Spoken like the true wealthmonger that he is - and the *very reason* why Mitt is absolutely the wrong type to run the country. He, and the b-school buddy executives he pals with, takes money from and sells to as clients, are focused on money and are accustomed to getting their own way. Just pay for it. Just do it. If the numbers don't make sense, change them. Just do it. Well, Mitt, the fact is that the White House is head of the country and has incredible political pressure because this is a *democracy.* We live in a complex world with dozens of countries who don't think we should bluster and war the way *you think* Hard as the GOP might try to keep everyone but their own in the decision-making process, we still have a democracy. We still have people with NEEDS who aren't millionaires and have basic needs you'd never understand. We still have MILLIONS of people reliant on public education and basic retirement.
Get a clue: Romney as president would be disastrous. He'd have Cheney at his side for the Iran war and Ryan at his side to bury the poor dead.
Romney, "It's unacceptable that the rich don't get their tax cuts! Oh, thanks for the $50k donation. Yes, it's a cash bar."