Obama vs. Romney: How they'd tackle deficits
October 3rd, 2012
11:26 AM ET
2 years ago

Obama vs. Romney: How they'd tackle deficits

New York (CNNMoney) - Both President Obama and Mitt Romney share a similar goal when it comes to the federal debt: They want to get it under control.

How they would do it differs greatly. Obama's goal is more restrained; he wants to keep deficits from growing faster than the economy. Romney's aim is to flat-out balance the federal budget in eight years. (Related: The candidates and the fiscal cliff)

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Filed under: 2012 • Deficit • Mitt Romney • President Obama
soundoff (22 Responses)
  1. Teatroll

    Obama has already ruined us for the next 20 years. No more time for this troll hiding under the bridge !

    October 3, 2012 11:29 am at 11:29 am |
  2. HOLY TIGHTY WHITIES WILLARD

    I know how willard will tackle the deficit. He'll put ALL of the burden on the middle class and not ask the wealthy to contribute. That's his trickle down theory which will just add to the deficit.

    October 3, 2012 11:32 am at 11:32 am |
  3. Four and The Door

    How they would do it differs greatly. Obama's goal is more restrained; he wants to keep deficits from growing faster than the economy. Romney's aim is to flat-out balance the federal budget in eight years.
    _______________________________________________________________________________________________
    Bottom line, Obama does not care about debt. He cares only about the debt ceiling because this keeps him from being able to throw our tax dollars at his liberal agenda. Mitt Romney will take a different approach, actually managing our federal government. But he is the only one in the race who is capable of doing that and getting results for the American people.

    October 3, 2012 11:33 am at 11:33 am |
  4. rs

    It would appear (barring real specifics as yet) that Mr. Romney will take a page from Bush's play book: cut taxes (for the rich, naturally); and go to war.

    The fun part is we know how well that works already. Unfortunately R & R will sacrifice Social Security, Medicare and Medicaid in the process- and with it- ruin the live of most Americans. Don't worry though, the rich will continue to rake it in!

    October 3, 2012 11:37 am at 11:37 am |
  5. GonzoinHouston

    Romney can talk all day, but he has about as much chance of balancing the budget in 8 years as I do of being elected president this year. The only way the deficit will be reduced is with significant economic growth, and we won't get it by going back to the W administration's policies.

    Please understand, folks: tax cuts for the rich do not create jobs, and tax hikes (within sane limits) on the rich will not reduce them.

    October 3, 2012 11:40 am at 11:40 am |
  6. RealityBites

    Deficits? How about the 16 TRILLION dollars in debt!?
    6 Trillion added under Obama, not one red cent paid back and no plan to.
    10 Trillion since the democrats took control of congress in 2006, not one red cent paid back and no plan to.
    Obama's progressive liberalism is destroying the living hood of your children's children. While the O-Media team cheers.

    October 3, 2012 11:42 am at 11:42 am |
  7. Bingham

    Obama does have a record and he has completely ignored the deficit and spent like the money never ends for four years. This statement that "discretionary spending as a share of the economy would fall to the lowest level in 50 years" under Obama makes this whole article a ruse. The biggest spender this country has every seen is not going to limit spending. There is nothing in his history that leads you to believe fiscal constraint in any manner will ever be there under Obama. He loves the joy of spending but he is incapable of making hard choices and we all know it.

    October 3, 2012 11:47 am at 11:47 am |
  8. Sniffit

    Gotta lvoe the subtext from CNN here: "Mittens actually has a plan and has provided sufficient detail for us to analyze it...no really, he does and did, we promise, but we're just not going to say what those details are either...please beleive us...horse race....HORSE RACE!!!!!"

    October 3, 2012 11:50 am at 11:50 am |
  9. truth hurts

    Both President Obama and Mitt Romney share a similar goal when it comes to the federal debt: They want to get it under control.
    =======================================================================================
    Are you serious CNN??!!! How can you write this total BS? Obama has no intention of, or plan to cut spending or reduce the debt. NONE. Period, end of story. Talk about tossing your credibility right out the window. If he gets another 4 years, the country will have accumlated $22 TRILLION in debt and our interest payments alone will be $1 TRILLION a year MINIMUM. If interest rates go up, we'll default or tax rates will sky rocket to pay the massive interest costs. Or we will declare bankruptcy and the whole house of cards collapses.

    October 3, 2012 11:54 am at 11:54 am |
  10. Four and The Door

    GonzoinHouston
    Please understand, folks: tax cuts for the rich do not create jobs, and tax hikes (within sane limits) on the rich will not reduce them.
    ____________________________________________________________________________________________
    Wow, Gonzo. I think you may be onto a whole new school of economic theory here! Let's call it Gonzonomics. Or do you prefer Gonzunism?

    October 3, 2012 11:54 am at 11:54 am |
  11. bob

    You have to do it in a more restrained way, otherwise, we're going to go into a free fall. Raise some taxes, makes some cuts. cap the spending. But you can't go around offering tax cuts for one group, but tax increases on another. You can't talk about getting tough on social entitlement welfare programs, without getting tough on corporation welfare. In our state, no one will build anything anymore...houses or business buildings...without a promise of a tax incentive. I say, All In. Cuts and increases for everyone.

    October 3, 2012 11:56 am at 11:56 am |
  12. Marty, FL

    Based on non-partisan analysis, Pres. Obama's plan reduces the deficit while Romney would grossly increase deficits. Tax Policy Center

    Obama/Biden 2012

    October 3, 2012 11:56 am at 11:56 am |
  13. Malory Archer

    Bingham

    Obama does have a record and he has completely ignored the deficit and spent like the money never ends for four years.

    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

    Yeah! He shoulda kept those two wars and Medicare Part D off the books like the previous occupant of 1600 Pennsylvania Avenue so the low-information voters wouldn't be clamoring to bring the troops home, and catfood stocks would be through the roof!

    October 3, 2012 12:13 pm at 12:13 pm |
  14. John, PA

    The Obama plan; read another teleprompter speech from the teleprompter president that knows nothing about “earning money”, running a business, making payroll for employees, reducing deficits, create jobs.

    October 3, 2012 12:22 pm at 12:22 pm |
  15. Fair is Fair

    Malory Archer

    Yeah! He shoulda kept those two wars and Medicare Part D off the books like the previous occupant of 1600 Pennsylvania Avenue so the low-information voters wouldn't be clamoring to bring the troops home, and catfood stocks would be through the roof!
    ------
    Malory... add up what the "2 wars and Medicare Part D" costs on an annual basis, and subtract it from the annual deficit. What's the resulting deficit? Hint: it's well over $1 Trillion per year. We've got a spending problem, Malory... a HUGE spending problem.

    October 3, 2012 12:27 pm at 12:27 pm |
  16. Claudia, Houston, Tx

    This economy was in the tank before Obama took office and I don't understand why some people don't understand that. Clinton left a surplus and Bush spent us into debt and walked away never acknowledging it, but not President Obama, he cares too much for our country. Republicans know Obama is fixing our economy otherwise they would never have fought him so hard, it's always been in their best interest to stop him from cleaning up Bush's mess and blame it on him.

    October 3, 2012 12:34 pm at 12:34 pm |
  17. Rudy NYC

    Paul Ryan is a budget quack who hasn't even bothered to "run the numbers" on his own budget, yet claims that it can walk on water and perform other miracles. When asked how he would pay for it, his "economic growth" reply is coming across as delusional.

    October 3, 2012 12:38 pm at 12:38 pm |
  18. Rudy NYC

    Fair is Fair wrote:

    Malory... add up what the "2 wars and Medicare Part D" costs on an annual basis, and subtract it from the annual deficit. What's the resulting deficit? Hint: it's well over $1 Trillion per year. We've got a spending problem, Malory... a HUGE spending problem.
    ---------------–
    And? Your point is what? John McCain made a stand in the Senate in 2002 against the Bush Tax Cuts. He predicted trillion dollar annual deficits in a decade. Again, what is your point? We have a REVENUE problem, no matter how much conservatives want to call it a spending problem. It was the Bush administration that set us on this deficit spending binge in the first place.

    October 3, 2012 12:41 pm at 12:41 pm |
  19. stranger in an increasingly strange land

    If you are a middle class homeowner that cannot pay all the bills, do you:
    Ask your boss to cut your wages and make your job harder (Tax breaks for the rich, higher taxes for the middle class)
    Cut your insurance plan and use the emergency room for your health care (Kill Obamacare)
    Cut your pension benefits (Gut the social security program)
    Agree to cut your retirement medical program agree to trust insurance companies in the future (Medicare vouchers)
    If so, congratulations, you are a Republican.
    If you want:
    Decent raises and an equitable stake in the future (Increase tax rates on the really rich)
    Affordable insurance for everyone without restrictions ( Obamacare)
    Keep future benefits that you have paid for all your life (Leave social security alone)
    Get the same benefits from retirement health care that you have already paid for (Medicare not vouchers)
    If so, congatulations, you are a Democrat
    Now get out and vote

    October 3, 2012 12:42 pm at 12:42 pm |
  20. Fair is Fair

    Rudy NYC wrote:

    And? Your point is what? John McCain made a stand in the Senate in 2002 against the Bush Tax Cuts. He predicted trillion dollar annual deficits in a decade. Again, what is your point? We have a REVENUE problem, no matter how much conservatives want to call it a spending problem. It was the Bush administration that set us on this deficit spending binge in the first place.
    ----–
    Well, Rudy... what's Obama's "solution" to the revenue problem? Enhancing revenue to the tune of $80 Billion a year by taxing the "wealthy"? Great solution. It's like pissing on a forest fire... We have a SPENDING problem, no matter how much the left wants to callit a revenue problem.

    October 3, 2012 12:49 pm at 12:49 pm |
  21. Travis

    @ Rudy NYC
    We have a revenue and spending problem. Not enough revenue coming in and far too much being spent. You can't have one without the other.

    October 3, 2012 12:55 pm at 12:55 pm |
  22. Rudy NYC

    Here's what I would say. We have a DEFICIT spending problem, which was instatiated, aggravated, and exacerbated by massive unfunded tax cuts.

    October 3, 2012 12:59 pm at 12:59 pm |