DEBT

Romney: Mitt Romney claims that while governor of Massachusetts, he cut spending and balanced the budget. The Reality: Governor Romney left behind a $1 billion budget deficit for the next governor and saddled Massachusetts taxpayers with more debt per person than any other state.

Governor Romney left behind a budget deficit of $1 billion, using what incoming Governor Deval Patrick described as “all kinds of patches and plugs” to hide the extent of the shortfall.

Associated Press, 1/5/07

Long-term debt increased by 16% in just four years, leaving Massachusetts with the highest debt per person in the nation.

Tax Foundation, Facts & Figures, 2009

Over $2.6 billion in debt was added while Romney was governor:

2003: $694 million
2004: $653 million
2005: $1.028 billion
2006: $257 million

Source: Massachusetts Treasurer

Governor Romney promised to set strict limits on debt, but he broke that promise. And every year he was in office the state’s debt liability increased.

Op-Ed, Eric Kriss, Boston Herald, 11/3/03; Massachusetts Treasurer

In 2004, Romney proposed a plan that would have added $8 billion more in debt, using 40-year bonds. The Massachusetts Treasurer’s Office said the interest rates on the bonds would be simply “astronomical.”

The Bond Buyer, 4/14/04

As he was leaving office, Romney’s aides released a budget blueprint to the public that was far rosier than their internal projections. Privately, they warned incoming Governor Patrick’s aides that the state’s finances were grim, including a budget deficit of $1 billion.

Boston Globe, 12/30/06
The Promise: Mitt Romney promised that he could use his business experience to solve Massachusetts’ budget problems. The Record: As a corporate buyout specialist, Romney routinely saddled companies with huge debts, sometimes to the point of bankruptcy. As governor, Romney led Massachusetts to higher deficits and the highest per person debt in the nation.
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