WASHINGTON (AP) — Here's the rap on the presidential candidates' plans for cutting federal deficits: Mitt Romney's is too bold and the numbers don't add up, while President Barack Obama's is too timid and his numbers don't add up, either.
As the government closed the books Sunday with a $1.1 trillion deficit for the year, which required borrowing 32 cents for every dollar it spent, budget analysts have little confidence in either man's plan to address the accumulating debt, now at about $16 trillion.
The Republican nominee promises to balance the budget in eight years to 10 years, but he also offers a mix of budgetary contradictions: higher Pentagon spending, restoring cuts that Democrats made in Medicare and an absolute refusal to consider tax increases.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
