Republican challenger Mitt Romney says he would also reduce spending growth by capping it at 20 percent of the economy by 2016. In 2012, spending has accounted for about 23 percent of the economy.Romney would preserve the Bush-era income tax cuts for all taxpayers, regardless of how much they earn. The economy is too weak to raise taxes on anyone, Romney has argued.
US Runs A 4th Straight $1 Trillion-plus Budget Gap
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