Mitt Romney continues to mislead Americans with falsehoods about President Obama’s record on the deficit. The irony is that, while the President’s plan reduces deficit by over $4 trillion over the next ten years, Mitt Romney—who loaded companies up with debt during his time as a corporate buyout specialist—now supports a plan that could explode the federal deficit by as much as $5 trillion.
Here’s the difference: The President’s plan would cut the deficit by over $4 trillion, making $2.50 in spending cuts for every $1 in revenue increases, while asking the wealthiest to pay their fair share and eliminating special tax breaks for oil and gas companies—and it would still maintain key investments in education, infrastructure, job training, research and care for our veterans. Independent analysts at the Congressional Budget Office have shown that the President’s plan would result in deficits that fall over time and stabilize the debt as a share of GDP.
But even though Romney’s plan would require deep cuts to domestic spending—which could slash investments in areas like education, clean energy, and research—it includes $5 trillion in tax cuts weighted towards the wealthy and large corporations as well as $2 trillion in defense spending above the caps both parties agreed to last year. That means that without even deeper cuts to spending than he has promised or tax increases for the middle class, Romney’s plan would result in increasing deficits.
Take a look at the clear difference between what President Obama’s and Romney’s plans would do to the deficit, and then share this chart with your friends and family.
Sources: Deficits under President’s plan are taken from OMB data. Deficits under Romney’s plan are based on OFA analysis of Romney’s tax and budget plans.