Romney Campaign Press Release - The Romney Plan For Deficit Reduction

"America can't afford to continue down the path President Obama has set, facing even more deficits and crippling tax hikes that will prevent recovery and destroy jobs. Mitt Romney has proposed a comprehensive plan that will rein in government spending, reform entitlements, and put us on a path toward more jobs and more take-home pay." —Andrea Saul, Romney Campaign Spokesperson

Mitt Romney Will Exercise Fiscal Responsibility To Restore Economic Opportunity. Mitt Romney's goal is to put the federal government on a course toward a balanced budget and true fiscal responsibility.

• Cut And Cap Federal Spending: Federal spending has spiraled out of control under President Obama. Romney is committed to cutting spending and capping it at 20% of GDP by 2016.

• Cut Programs We Cannot Afford: Government programs we do not need and cannot afford, like Obamacare, will be eliminated.

• Send Programs Back To The States: In many cases, states can implement programs more efficiently, realizing significant cost savings.

• Improve Efficiency And Effectiveness: What the government needs to do, it should do more effectively.

Mitt Romney Will Reform Entitlement Programs To Keep Them Solvent And Put America On A Path To Prosperity. Mitt knows that our economic future—along with the future of entitlement programs—depends on fundamental reform.

• Social Security: For younger generations, gradually raise the retirement age and index the growth in benefits for higher-income retirees to inflation instead of wages. This plan involves no tax increases on either payrolls or benefits.
• Medicare: For younger generations, create a premium support system that gives each senior the freedom to choose among competing private plans and traditional fee-for-service Medicare.