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Statement by Governor Mitt Romney on The Democrats' Budget Proposal

May 16, 2007

FOR IMMEDIATE RELEASE

CONTACT:
Kevin Madden (857) 288-6390

Boston, MA - Today, Governor Mitt Romney issued the following statement on the Congressional Democrats' proposed $2.9 trillion budget and the need for strong fiscal benchmarks in Washington:

"Today, Democrats in Congress have agreed on a plan that balances the budget on the backs of hard-working American taxpayers. Only liberals in Washington would think that fiscal responsibility means billions of dollars in new taxes and new revenue for government. Instead, we need to balance our budget by making Washington adhere to strong fiscal benchmarks. These benchmarks include capping spending, lowering taxes, giving the President line-item veto authority and reducing government waste.

"Fiscal responsibility in Washington should never come at the expense of the American people. We must bring conservative change to Washington and force government to live within its means."

Background On The Democrats' Budget Proposal:

Congressional Democrats Have Proposed A Budget Plan That Will Lead To Billions In Higher Taxes. "Congressional Democrats have sealed an agreement on a $2.9 trillion budget blueprint for the 2008 fiscal year, a House Budget committee spokesman said. The nonbinding plan, to be officially released later Wednesday, caps weeks of private negotiations and paves the way for action this summer on annual spending bills totaling $1.1 trillion. The Democratic budget promises a balanced federal ledger in five years, but relies on tax revenues generated by the expiration of many of the tax cuts enacted in President Bush's first term. ... Republicans said Democrats managed to project a balanced budget in 2012 only by assuming tax rates on income, dividends and capital gains revert to pre-Bush levels, costing taxpayers more than $200 billion in alone." (Andrew Taylor, "Democrats Agree On $2.9 Trillion Budget," The Associated Press, 5/16/07)

Governor Romney's Fiscal Benchmarks:

CAPPING SPENDING: Governor Romney Will "Cap Non-Defense Discretionary Spending At Inflation Minus One Percent." "It's time for some economic conservatism in Washington as well. America has seen an embarrassing spike in non-defense discretionary spending. And, as you know, I'm proud to be the first presidential candidate to sign Grover Norquist's tax pledge. But I have another pledge I'd like to make to you today: If I'm elected president, I'm going to cap non-defense discretionary spending at inflation minus one percent. That would save $300 billion - $300 billion - in 10 years. And if Congress sends me a budget that exceeds that cap, I will veto that budget." (Governor Mitt Romney, Remarks At The Conservative Political Action Conference, Washington, D.C., 3/2/07)

LOWERING TAXES ON ALL AMERICANS: Governor Romney Proposes Lowering Tax Rates For All Americans. "We should strive to keep marginal tax rates on America's families and businesses no higher than those imposed by our major global competitors. We should end tax penalties against saving and investment, and promote fairness and simplicity by ending special interest loopholes and lowering tax rates for all Americans." (Romney For President, "Governor Romney's Remarks At The Club For Growth," Press Release, 3/29/07)

RESTORING THE LINE-ITEM VETO: Governor Romney Supports Line-Item Veto Authority. "And, by the way, if Congress doesn't want to do the cutting itself, then give me the same line-item veto I had as a governor and I'll do it for them." (Governor Mitt Romney, Remarks At The Conservative Political Action Conference, Washington, D.C., 3/2/07)

REDUCING GOVERNMENT WASTE: Governor Romney Says He Will "Lead A Top-To-Bottom Review Of Government Programs, Agencies And Procurement And Spending." "One more thing in this regard: If elected president, I will personally - personally - lead a top-to-bottom review of government programs, agencies and procurement and spending. It is time to cut out the mountains of waste and inefficiency and duplication in the federal government." (Governor Mitt Romney, Remarks At The Conservative Political Action Conference, Washington, D.C., 3/2/07)

Mitt Romney, Statement by Governor Mitt Romney on The Democrats' Budget Proposal Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/296191

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