"Mitt Romney Budget Would Actually Increase National Debt: Analysis"

Mitt Romney Budget Would Actually Increase National Debt: Analysis

The Huffington Post | By Bonnie Kavoussi

http://www.huffingtonpost.com/2012/09/17/mitt-romney-budget-national-debt_n_1890678.html?1347907178&ncid=edlinkusaolp00000009

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Business Insider's Henry Blodget and Eric Platt published an analysis of the Republican presidential candidate's budget plan on Monday, and found that the national debt would exceed the size of the economy within a decade if the U.S. government implemented Romney's proposals.

That's not just cynicism. Even if the economy grows more quickly than is likely, the Romney budget would increase both the national debt and budget deficit, the report found. For example, the authors assumed no recessions would occur over the next ten years, an optimistic scenario in which the Romney plan would nevertheless increase the budget deficit and national debt.

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Romney has already made a number of contradictory claims about his budget plan during the election season, which Business Insider sought to reconcile in their analysis. For example, he claims that he plans to slash all marginal tax rates by 20 percent while raising the same amount of tax revenue as before -- but as the Tax Policy Center and others have noted, this appears impossible without raising taxes on the middle class.

Romney also has not singled out any tax loopholes that he hopes to close as president, and claims that he will slash government spending by 18 percent, though he has not identified any government programs that he wants to eliminate.

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