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Mitt Romney: Obama Spending Has Fanned 'Prairie Fire Of Debt'

By THOMAS BEAUMONT 05/15/12 08:04 PM ET AP

Mitt Romney Obama

DES MOINES, Iowa — Republican presidential candidate Mitt Romney on Tuesday painted President Barack Obama as a reckless steward of the country's economy and, as proof, pointed to "a financial crisis of debt and spending that threatens what it means to be an American."

The likely Republican nominee offered a far-reaching indictment of Obama's tenure and portrayed himself as a beacon of fiscal responsibility with the public and private sector experience to prove it.

"A prairie fire of debt is sweeping across Iowa and our nation, and every day we fail to act that fire gets closer to the homes and children we love," Romney told supporters at a downtown Des Moines hotel. He emphasized an issue that's a big concern of the middle-class voters from across the political spectrum he and Obama are wooing.

"This is not solely a Democrat or a Republican problem," Romney added, a clear pitch to independent voters who will decide the election. "The issue isn't who deserves the most blame, it's who is going to do what it takes to put out the fire."

The White House promptly dismissed Romney's critique.

Press secretary Jay Carney blamed federal overspending primarily on Romney-backed tax cuts for the wealthy that were enacted during President George W. Bush's administration and on the pricy wars in Iraq and Afghanistan. Carney said Romney wants to repeat policies that led to high deficits and the recession and to repeal Obama policies "that reversed the cataclysmic decline on our economy and that now has us growing for 11 straight quarters."

The Romney campaign's fresh focus on debt and spending came one day after Obama launched an effort to castigate his Republican rival's business credentials as the presidential campaign entered a more critical phase six months before the election. Obama's campaign and an allied group were unveiling advertisements in key battleground states that suggest Romney put profits over people during his tenure at Boston-based Bain Capital.

Romney let his advisers fight back on that front while he opened his own sharp critique of Obama during his first trip back to Iowa since the leadoff nominating caucuses in January. Both campaigns see opportunity in Iowa in their battle for the 270 electoral votes required to win the presidency.

Romney was in this general election battleground as Oregon voters got ready to hand him a chunk of delegates Tuesday night that would help him inch closer to the 1,144 needed to clinch the GOP nomination. He was scheduled to travel to Florida, another key swing state, on Wednesday, where he planned to continue pressing his economic philosophy.

In Des Moines, Romney described Obama's approach as that of an "old-school liberal" who ballooned the debt he pledged to curb, and broke with the budget-cutting record of the previous Democratic administration of President Bill Clinton. Romney argued that Obama inflated the deficit with programs such as the 2009 economic stimulus and 2010 health care measure after promising to cut it sharply during his first presidential campaign.

"The consequence is that we are enduring the most tepid recovery in modern history," Romney said. "The consequence is that the length of time it takes an unemployed worker to find a job is the longest on record."

In contrast, Romney argued that he would reduce federal spending to 20 percent of the nation's gross domestic product by the end of four years in office. The rate today is 24.3 percent. He also advocated looking for private sector solutions to government programs, and moving the implementation of some programs to states.

Most of what Romney proposed were repackaged plans he'd discussed throughout the primary campaign, including trimming Social Security benefits for wealthy seniors and eliminating duplicate programs to save money.

More broadly, Romney tried to establish a wide philosophical divide with Obama over expanding the role of the federal government. Romney has been criticized by Republicans for signing a measure requiring everyone in Massachusetts to obtain health insurance. With the speech, Romney sought to paint himself as a small-government advocate.

He also sought to counter the notion that he was a detached elitist, as the Obama campaign has sought to portray him, while also courting blue-collar and conservative Democrats in battleground states like Ohio and Michigan, where economic anxiety remains high. Obama struggled to attract those voters during his bid for the nomination four years ago, and he hasn't locked them up this year either.

The public has broad concerns about the impact the national debt will have in the future. According to a Gallup poll conducted in February, 73 percent of Americans said they were "very concerned" about the impact of the amount of U.S. debt held by other countries' on the U.S. economy.

When asked which candidate they trust to do a better job of handling the federal budget deficit, 51 percent sided with Romney, compared to 38 percent for Obama, according to an April ABC News/Washington Post poll.

Yet polls show spending and the debt distantly trailing jobs and the economy as the top campaign issue.

Still, May DeHaan, a Des Moines-area Romney supporter who attended his speech, said it's all one issue.

"They are totally entwined. The government can't continue to pay for things when people don't have jobs," said DeHaan, who works for a Des Moines insurance company.

___

Associated Press writer Jim Kuhnhenn and News Survey Specialist Dennis Junius in Washington contributed to this report.

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DES MOINES, Iowa — Republican presidential candidate Mitt Romney on Tuesday painted President Barack Obama as a reckless steward of the country's economy and, as proof, pointed to "a financial c...
DES MOINES, Iowa — Republican presidential candidate Mitt Romney on Tuesday painted President Barack Obama as a reckless steward of the country's economy and, as proof, pointed to "a financial c...
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HUFFPOST SUPER USER
chosenson
You can't handle the truth!
12:48 AM on 05/24/2012
HuffPo, you repeated Romney's "prairie fire" of debt story. How come you have not debunked it yet.

http://www.washingtonpost.com/blogs/plum-line/post/why-mitt-romney-gets-away-with-his-lying/2012/05/16/gIQADLzyTU_blog.html
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HUFFPOST SUPER USER
babyspittle
Fox Fake News kills brain cells
03:55 PM on 05/24/2012
they also don't appear to have linked to the wall street journal story which shows that obama's spending is actually down under obama (first time in 50 some years)
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HUFFPOST SUPER USER
Groobiecat
Blogger of Lefteous Indignation
12:22 PM on 05/22/2012
But then, a funny thing happened on the way to the election: The Wall Street Journal called "BS" on a key plank in Romney's platform: Obama's federal spending rate is the lowest in 60 years.

http://groobiecat.blogspot.com/2012/05/funny-thing-happened-on-way-to-election.html

If Obama uses this--and there's no reason why he wouldn't--this is HUGE.
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HUFFPOST SUPER USER
Alexander Forbes
OBAMA2012
08:12 PM on 05/22/2012
It's still making the rounds. From WSJ today(and this is really good): http://online.wsj.com/video/turns-out-obama-isnt-guilty-of-reckless-spending/F8AC821D-3AA8-4C43-89A4-F348B0BFBBB1.html
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HUFFPOST SUPER USER
Groobiecat
Blogger of Lefteous Indignation
10:43 PM on 05/22/2012
Good catch. Thanks. This thing has gone nearly viral on Facebook. Faved/fanned.
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HUFFPOST SUPER USER
Groobiecat
Blogger of Lefteous Indignation
11:14 PM on 05/23/2012
Wow. Check this out: http://tinyurl.com/cz877ao
This user has chosen to opt out of the Badges program
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HST
Conservatism = selfishness
11:07 PM on 05/17/2012
"In Des Moines, Romney described Obama's approach as that of an "old-school liberal" who ballooned the debt he pledged to curb, and broke with the budget-cutting record of the previous Democratic administration of President Bill Clinton."

Government receipts as a percent of gross domestic product rose from 17.5 percent in 1992, when Clinton was elected, to 20.6 percent in 2000, when he left office.

Under Bill Clinton, the top income tax rate was 39.6 percent. It's now 35 percent, courtesy of George W. Bush

As far as Romney's own policies he would be another Bush:

"The 2001 and 2003 tax cuts added about $1.7 trillion to deficits between 2001 and 2008. Because they (were) financed by borrowing — which increases the national debt — this figure includes the extra interest costs resulting from that additional debt."
http://www.politifact.com/truth-o-meter/statements/2009/jun/24/paul-krugman/bush-tax-cuts-health-care-probably/

"President Bush, once taking account how long he’s been in office, shows the worst track record for job creation since the government began keeping records."
http://blogs.wsj.com/economics/2009/01/09/bush-on-jobs-the-worst-track-record-on-record/
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HUFFPOST SUPER USER
babyspittle
Fox Fake News kills brain cells
04:27 PM on 05/24/2012
The non-partisan Congressional Research Service has estimated the 10-year revenue loss from extending the 2001 and 2003 tax cuts beyond 2010 at $2.9 trillion, with an additional $606 billion in debt service costs (interest), for a combined total of $3.5 trillion.

http://en.wikipedia.org/wiki/Bush_tax_cuts
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HUFFPOST SUPER USER
babyspittle
Fox Fake News kills brain cells
04:29 PM on 05/24/2012
that wasn't the quote I was looking for - but I've seen the total cost of the bush tax cuts as over 3 trillion.

(my post refers to a projection of extending them 10 years)
09:18 AM on 05/16/2012
Indeed, we have had a "prairie fire of debt" probably since about 1985, and between '85 and '05 we seemed to have more or less been fine with it, using credit cards on top of credit cards to finance consumer spending which, last time I checked, constitutes about 2/3 of U.S. economic activity.

If the whole population now decides to douse the fire and reject the use of debt (because banks are evil and greedy), the U.S. economy will face many years of slow to no growth - unless 1) wages increase dramatically, 2) monetary policy is eased dramatically, 3) tax cuts are increased dramatically or 4) a new technology suddenly appears that can rapidly employee many thousands of people.

In the real world, it's impossible to implement point 1 and impossible to predict point 4. Bernanke has repeatedly tried to implement point 2 (QE 1/2/3) with minimal effect. As for point 3, we apparently cannot implement it because it's now "bad" for the U.S. government run large deficits.

Thus, we are left with nothing but a crappy economy and lots of people wasting their time complaining about the so-called 1%. This never happened in the Reagan '80s, it never happened in the Clinton '90s. Why? Because we embraced debt. We loved it, we used it, and we prospered on it. We just have to learn to love it again - despite our memories of the Lehman and Greece "moment".

Mr. Dick Turpin
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HUFFPOST PUNDIT
stopthemadness69
Real Americans care more about people than profits
07:03 PM on 05/15/2012
If adding to the debt to, feed hungry americans, provide medical care to sick struggling americans, give extended UE benefits to those thrown out of their jobs during bush's recession, give tax cuts to the middle and working poor, save our auto industry and build a few roads, makes a prairie fire? Then what is adding to the debt to, wage 2 wars, kill thousands of our own and hundreds of thousands of others, cut taxes on the highest paid people in the nation, twice, and pass an unpaid for drug plan that actually screws seniors, an uncontrolable blaze in the amazon?
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HUFFPOST SUPER USER
dwedge
Old Millennium
04:43 PM on 05/15/2012
Now that George W. Bush has endorsed Mitt, perhaps he can find out who it was that caused all that debt.
This user has chosen to opt out of the Badges program
06:11 PM on 05/15/2012
We know,,,,, Check out the debt in Jan 2007 when the dems took control
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HUFFPOST PUNDIT
stopthemadness69
Real Americans care more about people than profits
07:05 PM on 05/15/2012
And just what did dems pass in 2007 that was signed by bush that led to the collapse of the economy and the adding of debt in dec of 2007?
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HST
Conservatism = selfishness
11:18 PM on 05/17/2012
Republican Congress earmarks 2006 - $64 billion.
Democratic Congress earmarks 2008 - $14.8 billion.
Democratic Congress earmarks 2009 - $14.3 billion.
Democratic Congress earmarks 2010 - $10.2 billion.

“Calculations by the nonpartisan Congressional Budget Office and other independent fiscal experts show that the $1.1 trillion cost over the next 10 years of the Medicare prescription drug program, which the Republican-controlled Congress adopted in 2003, by itself would add more to the deficit than the combined costs of the bailout, the stimulus and the health care law.”
http://www.cleveland.com/nation/index.ssf/2010/10/republicans_anti-spending_camp-.html
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HUFFPOST SUPER USER
iklaw
04:31 PM on 05/15/2012
He's Just such a Stinking Liar.

George Bush endorsed him today; did he forget all about George's spending?

How conveniently lame.
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03:04 PM on 05/15/2012
Obama wants to increase the number of jobs in order to create more revenue for both states and federal government. Whereas, Mitty wants to scuttle the government to eradicate wasteful government spending, stream-line the economy to reduce wasteful spending on unnecessary jobs that keep business from being more profitable ... profits which keeps the stockholders securely in the top 1%.
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broc51
One never knows
03:00 PM on 05/15/2012
I wonder how much debt can be attributed to Mitt's tenure at Bain, when he sucked the life out of those companies, and left uncle sam to clean up the mess. What a Hypocrite
HUFFPOST SUPER USER
emmanuel kalu
information is knowledge, knowledge in power
03:30 PM on 05/15/2012
just look at the pension obligations the govt had to cover and you see what debt mitt created. lets not even count those people going on unemployment.
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broc51
One never knows
08:24 AM on 05/16/2012
Exactly
RonP58
A voice of reason, in a world of ignorance
02:41 PM on 05/15/2012
Poor Mitty Mouse, the man who squeaked, is still "goose-stepping" to the narrow, divisive Fascist TeaPublican Party Line.

No matter how hard he tries, there isn't enough Revisionist History to change the fact that the TeaPublican Party engineered the economic collapse and are responsible for the majority of debt, including over 1 trillion in non-financed war debt and hundreds of billions of dollars in stimulus/bailout money.

Keep the dream alive, Mitty!
HUFFPOST SUPER USER
emmanuel kalu
information is knowledge, knowledge in power
02:40 PM on 05/15/2012
Mitt how are you going to solve our debt problem when you still want to give the rich more tax cut at the expense of the workers. how is our debt going to be solve when you want to start another war with iran, while the president is working to shut down the last two a republicans president started. mitt, how are you going to close the deficit and reduce the debt, when you suggest shipping american jobs to china, who is going to pay the taxes needed to pay your salary and that of the politician. Mitt we have a debt and deficit problem because people like you enjoy the benefits of this country and avoid paying taxes by hiding your money in other countries. for someone that want to be president, mitt is not investing in this country.
02:23 PM on 05/15/2012
Dear Mitt/GOP:

Please do not talk to me about "fiscal responsibility" unless you are also willing to talk about increasing taxes on the relatively wealthy.

Yours truly,
Someone who would pay higher taxes without the Bush tax cuts
HUFFPOST SUPER USER
carleronn
Former bond trader
02:27 PM on 05/15/2012
Send the IRS a check now. What's stopping you?
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Bados
I love Sarah Palin. No wait...I love parasailing.
02:39 PM on 05/15/2012
The funny thing is that's the GOPTP's best argument supporting the rich not paying more.
HUFFPOST SUPER USER
emmanuel kalu
information is knowledge, knowledge in power
02:43 PM on 05/15/2012
it is this kind of mentality that is destroying this country. greed. people that want the benefit of the country, while forcing others to pay for it. if you don't want taxes, it is time you, mitt, bachman move to somali. don't forget the rest of the freedom from taxes while enjoying medicare baggers.
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ohiotechie
Better dead than red...
02:33 PM on 05/15/2012
I might add,: Don't talk to me unless you are also willing to talk about your own drunken spending binge from 2001-2009. Tell me why I should believe you when you tell me it will be different this time.

P.S. I also would pay higher taxes without the Bush cut but would be willing to do so if I knew people like Romney were paying their share.
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HUFFPOST SUPER USER
Dev Austin
Haters are my motivators
02:07 PM on 05/15/2012
Yet another politician that promises to reduce government. Obama has eliminated thousands of public jobs to appease the right. In doing so he actually added to the unemployment numbers which made his public job creation look worse. Romney wants to outsource jobs in private companies...which on paper may look...well ok. But the bottom line is that it will ultimately cost tax payers even more. Now if Romney was going after the benefits of 'all' government jobs then he would actually be saying something. After all if the job went public the benefits would be less than what the government gives.

Romney has yet to prove he can run anything without him ending up the biggest benefactor. The thousands of jobs he claims to have created were, for the majority, minimum wage jobs. I would hope that this country could do much better if higher paying jobs were created and we built up the middle class. Romney has not shown that he is favor of building the middle class after all he favored the Ryan budget which would decimate the middle class. There is nothing in this guys past, when looked at in detail, that says he can run a country that is in as deep a trouble as this country is.
HUFFPOST SUPER USER
carleronn
Former bond trader
02:30 PM on 05/15/2012
First, the federal government has 300,000 more jobs than when Obie took office. Second, privatisation always saves money. Romney has run many successful ventures. He has a track record of success as opposed to the community organizer. Please tell me how an organizer meets a budget, a payroll, etc?
HUFFPOST SUPER USER
carleronn
Former bond trader
02:33 PM on 05/15/2012
z not s, typo
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Bados
I love Sarah Palin. No wait...I love parasailing.
02:45 PM on 05/15/2012
Love when GOPTP'ers refer to the POTUS by the first job he had out of college. LOL
Unless you're currently referred to as a customer service rep, I'd be wise to stop.

47th out of 50 states in job creation as Governor is not a success. Especially when they would have been 49th if it wasnt for the job loses in La. and Miss. due to Katrina. Why arent you touting that? Obama's noble job of being a community organizer and advocate for those who didnt have a voice happened way before Mitt failed as Governor.

The funny thing is you'll address everything except Mitt stint as Governor in your response.
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AliveInNYC
Actually in DC now but still fighting the fight
02:05 PM on 05/15/2012
"Romney countered that while at Bain Capital and as governor he helped create tens of thousands of public and private sector jobs."

Romney keeps claiming this but we have yet to see any facts to back it up. We know that his record for job creation as Governor was among the worst in the nation and Bain laid off more people than they hired.

Just typical republican lies and how desperate Romney is getting already.
HUFFPOST SUPER USER
carleronn
Former bond trader
02:31 PM on 05/15/2012
He's ahead. That's unprecedented for a challenger at this stage. Even FDR and Reagan were behind in the polls in May of the election year
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AliveInNYC
Actually in DC now but still fighting the fight
02:37 PM on 05/15/2012
One poll puts him ahead, most polls give Obama the lead.
 
Polls in May are meaningless. When Obama and Romney go head to head in the debates, Obama will crush him.
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Bados
I love Sarah Palin. No wait...I love parasailing.
02:47 PM on 05/15/2012
His own party doesnt like him. Losing the woman, minority, and youth vote isnt exactly the surefire method of winning.
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broc51
One never knows
03:05 PM on 05/15/2012
Maybe 10 jobs in Massachusetts, but a net -10 at Bain
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HUFFPOST SUPER USER
ethiopia1a
The COMMA Sutra,,,,making grammar sexy since 1875
02:04 PM on 05/15/2012
Rmoney never found a pension fund he didn't like to steal from.