“President Obama is responsible for frightening new levels of federal spending and deficits,” the statement reads. “As a result, the nation has amassed an unheard-of level of debt that imperils our financial standing in the world. I’ve never seen an enterprise in more desperate need of a turnaround than the US government.
“We cannot lose sight of the need to move the president toward meaningful fiscal responsibility. A vote on raising the debt ceiling has to be accompanied by a major effort to restructure and reduce the size of government.”
The campaign also notes that Romney recently signed the “Cut, Cap, and Balance” pledge organized by a coalition of conservative groups. The pledge opposes any debt limit increase unless three conditions are met: substantial spending cuts; enforceable spending caps; and passage of a Balanced Budget Amendment to the Constitution.
"I will lead us out of this debt and spending inferno," the presumptive Republican nominee said during a speech in Des Moines, Iowa, with a banner stretched behind him that blared "CUT THE SPENDING."
Romney's ideas for cutting the $15.67 trillion national debt -- don't raise taxes, reform entitlement programs, limit spending -- were met with strong applause from the crowd of more than 300 people.
Spooked by Rick Santorum’s triplet victories on Tuesday, Mitt Romney has taken to criticizing the former senator’s legislative record.
“He voted to raise the debt ceiling, I believe, five different times to a tune of about an additional $3.5 trillion,” Romney said yesterday in Atlanta.
"My position is very clear, which is, I favor a 'cut, cap and balance' program for federal spending," Romney said, ignoring follow-up questions.
“President Obama’s leadership failure has pushed the economy to the brink at the eleventh hour and 59th minute,” Romney stated. “While I appreciate the extraordinarily difficult situation President Obama’s lack of leadership has placed Republican members of Congress in, I personally cannot support this deal.”
Like many of his fellow candidates, Romney has been mainly silent during the ongoing debt ceiling debate, leaving it to congressional colleagues to negotiate with Democrats controlling the Senate and the White House. His conspicuous silence has drawn fire from Democrats who see him as one of the GOP’s most dangerous opponents against Obama because the former Massachusetts governor seems able to draw independent voters.
The first one asked what he would do regarding the debt ceiling if he were president.
“The answer for the country is for the president to agree to cut federal spending and cap federal spending and put into place a balanced budget amendment,” said Romney. “That for me is the line in the sand.”
“It is within the president’s power to say to the leadership in the house and the senate that ‘I’ll cut spending I’ll cap the amount of spending and I’ll pursue a balanced budget amendment and if the president were to do that this whole debt limit problem goes away,” he said.
Mitt Romney, the likely Republican presidential nominee, joined the fray on Wednesday, accusing Mr. Obama of not doing enough to rein in the country’s $1 trillion budget deficit, even after Mr. Obama criticized President George W. Bush as having run up the deficit. Mr. Romney told the audience at a campaign event in St. Petersburg, Fla., “I find it incomprehensible that a president could come to office and call his predecessor’s record irresponsible and unpatriotic, and then do almost nothing to fix it and instead every year to add more and more and more spending.”
Getting our fiscal house in order has become more than just an economic issue; it’s a moral imperative. Every dollar of deficit spending must be borrowed, with the bill sent to our children to pay back. As president, Mitt Romney will ask a simple question about every federal program: is it so important, so critical, that it is worth borrowing money from China to pay for it?
As president, Mitt’s goal will be to bring federal spending below 20 percent of GDP by the end of his first term:
Reduced from 24.3 percent last year; in line with the historical trend between 18 and 20 percent
Close to the tax revenue generated by the economy when healthy
Requires spending cuts of approximately $500 billion per year in 2016 assuming robust economic recovery with 4% annual growth, and reversal of irresponsible Obama-era defense cuts
Mitt Romney will bring fiscal restraint to Washington by placing a hard cap on federal spending to force our government to live within its means and put an end to deficit spending. ... Mitt Romney’s goal is to put the federal government on a course toward a balanced budget and true fiscal responsibility.