trillion and add 2 trillion in additional spending that the military is not asking for — 7
trillion, just to give you a sense, over 10 years thats more than our entire defense budget — and you think that by closing loopholes and deductions for the well-to-do, somehow
you will not end up picking up the tab, then Governor Romneys plan may work for you.
But I think math, common sense and our history shows us thats not a recipe for job growth.
Look, weve tried this — weve tried both approaches. The approach that Governor
Romneys talking about is the same sales pitch that was made in 2001 and 2003. And we ended up with the slowest job growth in 50 years. We ended up moving from surplus to
deficits. And it all culminated in the worst financial crisis since the Great Depression.
Bill Clinton tried the approach that Im talking about. We created 23 million new jobs. We went from deficit to surplus, and businesses did very well.
So in some ways, weve got some data on which approach is more likely to create jobs and opportunity for Americans, and I believe that the economy works best when middle-
class families are getting tax breaks so that theyve got some money in their pockets and those of us who have done extraordinarily well because of this magnificent country that
we live in, that we can afford to do a little bit more to make sure were not blowing up the deficit.
40. MR. LEHRER: OK. Inaudible
—
41. MR. ROMNEY: Jim, the president began this segment, so I think I get the last word, so Im going to take it. All right?Chuckles.
42. MR. LEHRER: Well, youre going to get the first word in the next segment. 43. MR. ROMNEY: Well, but
— but he gets the first word of that segment. I get the last word of that segment, I hope. Let me just make this comment.
44. PRESIDENT OBAMA: Chuckles. He can
— you can have it. He can —
45. MR. ROMNEY: First of all
—
46. MR. LEHRER: Thats not how it works. 47. MR. ROMNEY: Let me
— let me repeat — let me repeat what I said —
inaudible. Im not in favor of a 5 trillion tax cut. Thats not my plan. My plan is not to put in place any tax cut that will add to the deficit. Thats point one. So you may keep
referring to it as a 5 trillion tax cut, but thats not my plan.
48. PRESIDENT OBAMA: OK. 49. MR. ROMNEY: Number two, lets look at history. My plan is not like anything
thats been tried before. My plan is to bring down rates but also bring down deductions and exemptions and credits at the same time so the revenue stays in, but that we bring
down rates to get more people working. My priority is putting people back to work in America. Theyre suffering in this country. And we talk about evidence
— look at the evidence of the last four years. Its absolutely extraordinary. Weve got 23 million people
out of work or stop looking for work in this country.
50. MR. LEHRER: All right. 51. MR. ROMNEY: Its just
— its — weve got — we got — when the president took office, 32 million people on food stamps; 47 million on food stamps today. Economic
growth this year slower than last year, and last year slower than the year before. Going forward with the status quo is not going to cut it for the American people who are
struggling today.
52. MR. LEHRER: All right. Lets talk — were still on the economy. This is,
theoretically now, a second segment still on the economy, and specifically on what do about the federal deficit, the federal debt. And the question
— you each have two minutes on this
— and, Governor Romney you go first because the president went first on
segment one. And the question is this: What are the differences between the two of you as to how you would go about tackling the deficit problem in this country?
53. MR. ROMNEY: Well, good. Im glad you raised that. And its a — its a critical
