What are Obama's and Romney's plans for the next four years?
President Obama says he will cut spending by $4 trillion over the next four years. In that plan, he included $1 trillion Congress already agreed to. Additional deficit reduction would come from "cutting $2.50 in spending for every $1 in additional revenue from the wealthiest families and closing corporate loopholes," according to his "Blueprint." He has been specific about closing one corporate loophole he'd end: "The oil industry gets $4 billion a year in corporate welfare," the president said at the first debate.
In addition, the president said he would "commit half of the money saved from responsibly ending wars in Iraq and Afghanistan to reducing the deficit."
Romney, however, says he would reduce spending from 24 percent GDP to 20 percent GDP, which he estimated would cut an average of $500 billion per year from the federal budget. His spending cuts include, "eliminating...Obamacare," end the "subsidy to PBS" and other programs he says are not worth borrowing money from China. Finally, he would "take programs that are currently good programs but I think could be run more efficiently at the state level and send them to the state," he said at the first debate.
"[W]e are finally going to get America to cap our spending, to cut our spending and get us on track to a balanced budget," he said referring to another component of his plan, which he highlighted at the Conservative Political Action Committee on Oct. 4.
Second presidential debate: Energy policy and gas prices
President Obama said during the last debate on Oct. 22 that he would "develop clean energy technologies that will allow us to cut our exports in half by 2020." To do that, he would continue "tax credits that support clean energy manufacturing," open up "millions of acres for exploration and development, including undiscovered oil and gas resources in the Gulf of Mexico and the Arctic," and double "fuel economy of cars and light trucks to 54.5 mpg by 2025." According to his "Blueprint," the president would also set a standard for utility companies to generate 80 percent of electricity from "clean sources" by 2035. Included in his plan is an expansion of natural gas production, which, he said, would "support more than 600,000 jobs."
Romney promises "North American energy independence by 2020." It's a promise that has been made by every president - including President Obama during his 2008 campaign - and most presidential candidates since Richard Nixon in 1972. To fulfill that pledge, he would take "full advantage of oil, coal, gas, nuclear and our renewables," according to his statement during the final presidential debate Monday.
In addition, he would achieve his goal by moving forward with the Keystone XL pipeline on "day one," he said in New Hampshire on June 18. Also on "day one" he would "direct the Department of the Interior to implement a process for rapid issuance of drilling permits to developers," according to a Romney campaign memo.
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