Memo: The Romney and Santorum budgets

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Memo: The Romney and Santorum budgets
from Obama 2012 Blog
James Kvaal, the campaign’s policy director, just released a memo about what a Romney or Santorum administration would do to our nation’s budget. As proposed, their plans would increase the deficit by trillions of dollars:

The Romney and Santorum plans are not the first time Republican presidential candidates have abandoned the laws of arithmetic and argued that we can pay for large tax cuts through unspecified and implausible future spending cuts. During the 1980s this approach resulted in large deficits and nearly doubled our nation's debt from 26 percent of the economy to 49 percent. During the 2000s, the approach took the country from large budget surpluses back to large deficits. We cannot afford to repeat these mistakes.

Romney and Santorum’s plans would drive up the deficit—but that is not their only similarity with the failed economic policies of the past. Similar policies not only contributed to the largest economic crisis since the Great Depression, but also to years of middle-class income stagnation and soaring income inequality.

Read the rest of the memo to dig into the details of the GOP candidates’ plans for our economy—and how they stand in sharp contrast to the responsible budget President Obama laid out last week.

http://www.barackobama.com/news/memo-th ... um-budgets