GOP Contenders Policies Would Raise US Debt: Study
February 25, 2012
An independent analysis shows the U.S. national debt would grow under tax policies proposed by all four Republican candidates running for president. And of the four, only one comes close to balancing the budget.
Ask any of the Republican presidential hopefuls and they'll tell you the current president has done more harm than good.
ROMNEY:
"Almost everything he's done has made it harder for this economy to reboot."
GINGRICH:
"I want to create a springboard in which people who are poor get educated, get a job, learn how to work, get a better job and someday own the company."
But an independent study commissioned by the non-partisan Committee for a Responsible Federal Budget says fixing the U.S. economy will not be easy.
Former Republican Congressman Bill Frenzel with the committee's U.S. Budget Watch project says economic policies championed by the four contenders, need more work.
"None of the primary 'promisers' on the Republican side get us to a balanced budget in 10 years, even in the most optimistic estimates," said Frenzel.
With no change to U.S. policy, by 2021, the committee says national debt, now nearly $15 trillion, will represent 85 percent of the nation's gross domestic output. By comparison, Greece's debt before its second bailout was 160 percent of its GDP.
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