Mitt Romney on Budget Control Act of 2011
Meet the Press
On September 9, 2012 Governor Romney appeared on Meet the Press and discussed a number of issues. He was asked about the Budget Control Act and asserted that the plan was a failure. He stated that the President should not have proposed it and the Republicans should not have gone along with it.
GREGORY: So Governor, we talked last night about jobs and the economy and also the debt. And I want to begin there. You've called the debt and our deficit a moral crisis, and yet in addition to extending the Bush tax cuts, you want to cut tax rates an additional 20 percent. You've rejected a 10 to one spending ratio when it comes to spending to increasing taxes. And, yet, you want to balance the budget. The math simply doesn't add up, does it?
MR. ROMNEY: Well, actually, it does. And the-- the good news is that five different economic studies, including one at Harvard and Princeton and AEI and a couple at The Wall Street Journal all show that if we bring down our top rates and actually go across the board, bring down rates for everyone in America, but also limit deductions and exemptions for people at the high end, while you can keep the progressivity in the code, you could remain revenue neutral and you create an enormous incentive for growth in the economy.
GREGORY: But you haven't specified where you'd cut loopholes in particular to make up the savings, because, in addition, you actually want to increase defense spending in addition to all of that.
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MR. ROMNEY: Well, I want to maintain defense spending at the current level of the GDP. I don't want to keep bringing it down as the president's doing. This sequestration idea of the White House, which is cutting our defense, I think, is an extraordinary miscalculation…
GREGORY: Republican leaders…
MR. ROMNEY: …in the wrong direction.
GREGORY: …agreed to that deal to-- to extend the debt ceiling.
MR. ROMNEY: And that was a big mistake. I thought it was a mistake on the-- on the part of the White House to propose it. I think it was a mistake for Republicans to go along with it. The president was responsible for coming out with specific changes they'd make to the defense budget. It was supposed to have come out this last week. He has violated the law that he in fact signed. The American people need to understand how it is that our defense is going to be so badly cut. My own-- my own plan, by the way, to-- to bring down the rates of taxation while maintaining the-- the revenues that come into the government is by making sure that we don't lower taxes on high income people. We're not going to have high income people pay less of the tax burden than they pay today. That's not what's going to happen. I do want to bring taxes down for middle income people. In particular, I want middle income Americans not to have to pay taxes on interest and dividends and capital gains.