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Santorum and Romney push plans that add billions to the deficit

Ignoring the President’s commitment to bring down the deficit over the next decade, Rick Santorum and Mitt Romney continue to hammer away at the issue. Santorum told Georgia voters this week that a growing federal deficit is “destroying the future of our country.” At the Conservative Political Action Conference this month, Romney promised:

“As president, I will not just slow the growth of government, I will cut it. I will not just freeze government’s share of the total economy, I will reduce it. And, without raising taxes or sacrificing America’s military superiority, I will finally balance the budget.”

Santorum and Romney’s rhetoric doesn’t match the reality of their economic plans, which would explode the deficit with policies that benefit the wealthy at the expense of the middle class.

  • Santorum: As the Tax Policy Center points out, Santorum’s plan would give the top 0.1 percent of Americans (those who make on average $8.4 million a year) an average tax cut of more than $1.3 million in 2015 while giving a middle-class family a tax cut of about $2,000. Santorum’s windfall for the wealthy would add about $900 billion to the deficit in 2015.

  • Romney: Romney’s plan calls for extending hundreds of billions of dollars in tax cuts that benefit the wealthy. On top of eliminating the estate tax, Romney’s largest tax cut would reduce corporate taxes by $100 billion a year. Add that to his increase in defense spending and Romney’s plans would increase the deficit by at least $175 billion in 2016. But not everyone would benefit from Romney’s tax cuts. An estimated 22 million middle-class Americans would end up paying higher taxes.

President Obama’s budget proposal, on the other hand, continues to reduce the deficit by $4 trillion by 2018 through a balanced approach. For every $1 received in revenue from those making over $250,000 a year and from closing corporate loopholes, President Obama’s budget cuts $2.50 in spending while maintaining targeted investment in job creation programs. While Santorum and Romney like to talk about reducing the deficit, their actual economic plans prove that it’s just talk, and nothing more.

Obama for America Policy Director James Kvaal released a new memo outlining the budget choices Rick Santorum and Mitt Romney face – exploding deficits or unprecedented cuts to investments. Read the memo here