Statement by Governor Mitt Romney on Today's Budget Message From The President

FOR IMMEDIATE RELEASE

CONTACT: Kevin Madden (857) 288-6390

Boston, MA – Today, Governor Mitt Romney issued the following statement on the President's message regarding the federal budget and the need for fiscal responsibility:

"I applaud the President for his message of budget restraint. Republicans must renew our commitment to fiscal responsibility in Washington. The Democrats want more spending, which will lead to higher taxes. Change in Washington begins with Republicans standing up for fiscal discipline and protecting taxpayers."

Background On Governor Romney's Strategy To Cut Government Spending:

- Governor Romney Will Veto Appropriations Bills That Exceed Spending Targets. He will veto any non-defense appropriations bill that grows spending at a rate greater than inflation minus one percent (CPI-1%). This will save $300 billion over 10 ten years.

- Governor Romney Will Lead An Effort To Review And Reevaluate All Federal Spending Programs. His administration will undertake an exhaustive review of each individual federal program with the goal to eliminate and consolidate programs that are no longer useful or are bureaucratic and unwieldy.

- Governor Romney Believes The President Needs The Line-Item Veto Power. As Governor, he had line-item authority, and often used it to trim or eliminate individual appropriations. Giving the President this power would allow us to make tremendous strides in eliminating earmarks and cutting inefficient programs.

Governor Romney's Record Of Fiscal Responsibility:

- Governor Romney Closed The Nearly $3 Billion Shortfall Without Tax Increases. "When Mitt Romney became governor of Massachusetts in 2003, the state had a budget gap of almost $3 billion and was losing thousands of jobs a month. In Mr. Romney's four-year tenure, the deficit was eliminated without raising the sales tax or the income tax, and since the labor slump hit bottom in December 2003, the state has gained 81,000 jobs." (Pam Belluck, "Romney Candidacy Puts Massachusetts Economy In Spotlight," The New York Times, 3/16/07)

- The Club For Growth: Governor Romney "Imposed Some Much-Needed Fiscal Discipline On A Very Liberal Massachusetts Legislature." (The Club For Growth, "Mitt Romney's Record On Economic Issues," Press Release, 8/21/07)

- To Close The Budget Gap, Governor Romney Forced The Legislature To Pass "Tremendous Spending Cuts." "Governor Romney receives credit for actual spending in FY 2003, even though he entered office halfway into the fiscal year, because of the tremendous spending cuts he forced down the Legislature's throat in January of 2003. Facing a $650 million deficit he inherited from the previous administration, Romney convinced the unfriendly State Legislature to grant him unilateral power to make budget cuts and unveiled $343 million in cuts to cities, healthcare, and state agencies. This fiscal discipline continued in 2004, in which Romney continued to slash 'nearly every part of state government' to close a $3 billion deficit." (The Club For Growth, "Mitt Romney's Record On Economic Issues," Press Release, 8/21/07)

- In The Four Budgets He Signed, Governor Romney Used The Line-Item Veto Or Program Reduction Power In An Attempt To Cut Spending By Nearly $1 Billion. (Office Of Governor Mitt Romney, "Romney Signs No New Tax Budget In Time For New Fiscal Year," Press Release, 6/30/03; Office Of Governor Mitt Romney, "Governor Mitt Romney Signs $22.402B Fiscal Year 2005 'No New Tax' Budget," Press Release, 6/25/04; Office Of Governor Mitt Romney, "Governor Mitt Romney Signs Into Law $23.8 Billion Budget For Fiscal Year '06," Press Release, 6/30/05; Office Of Governor Mitt Romney, "Governor Mitt Romney Signs $25.2 Billion Fiscal Year 2007 State Budget," Press Release, 7/8/06)

- For All Four Of The Fiscal-Year Budgets That Crossed His Desk, Governor Romney Used The Line-Item Veto Power More Than 800 Times. Over the course of four budgets, Governor Romney made over 300 line-item reductions, 350 line-item eliminations and struck language 150 times. (Chapter 26 Of The Commonwealth Of Massachusetts Acts Of 2003, Governor's Veto Message, 6/30/03; Chapter 149 Of The Commonwealth Of Massachusetts Acts Of 2004, Governor's Veto Message, 6/25/04; Chapter 45 Of The Commonwealth Of Massachusetts Acts Of 2005, Governor's Veto Message, 6/30/05; Governor Mitt Romney, Memo To The Senate And House Of Representatives Of The Commonwealth Of Massachusetts; Fiscal Year 2007 General Appropriations Act Veto Items: Line Item Accounts, 7/8/06)