Spend Less, Tame Debt

Republican Presidential Candidate Mitt Romney announced, yesterday, his debt reduction plan that would cut government spending by $550 billion dollars by 2016.

"The consequences of a weak America, a declining America, an America so deep in debt that we can't pave our way--those consequences are sever," Businessweek.com reports Romney said in a speech in New Hampshire.

MSNBC reports the former Massachusetts governor said there will be deep cuts in programs such as Amtrak, reducing foreign aid from nations like China and moving government programs from the federal to the state level.

"If we keep spending like we're spending and borrowing like we're borrowing, at some point we could face what Greece faces," Romney said. His plan did not go unnoticed by President Obama. CNN reports a memo from the Obama re-election campaign says the Rebublican is "Echoing the Tea Party agenda and undermining bipartisan efforts to seek common ground." The memo goes on to say "The timing of these proposals may also set back the Joint Select Committee on Deficit Reduction's efforts to agree on a deficit reduction plan.

ABC News reports, in his speech, Romney defended his plan "[T]here are some who say when you talk about fiscal responsibility and cutting a program you're showing that your heartless," he said. "I think you have to say, 'No no we have a moral responsibility not to spend more than we take in.'"

The Wall Street Journal reports Romney also said he wants to repeal Barack Obama's health care law, which he says would save $95 billion dollars by 2016. He also said he would repeal the Davis-Bacon Act, which guarantees federal contract workers the "prevailing wage" which is usually the union wage in the region the work takes place. Romney said that would save $10 billion a year.

"We are a party that recognizes you don't spend what you don't have," he said. "Deficits matter."