Romney: Wealthy will do fine no matter who wins in Nov.

Republican presidential candidate Mitt Romney, speaking to CBS News' Jan Crawford in Jerusalem, July 29, 2012. CBS

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(CBS News) Mitt Romney said he's not worried about the future of the country's wealthiest saying this weekend they'll "do just fine" under President Obama or a President Romney.

"I know the very wealthy are going to do just fine whoever is elected," Romney said in an interview with CNN's Gloria Borger that was conducted Saturday. "The middle class is the people that is the group of people that I am most concerned about, they need our - and the poor - they need our help. They need our help with good jobs. That is only going to come if we encourage this economy by keeping the burdens on small business down."

He added that it would be "an enormous mistake" to let the Bush-era tax cuts expire at the end of the year, including on those who make more than $250,000 per year, which is what President Obama proposed.

"If your priority in this country is to punish success, vote for President Obama. If you priority is to create more success and more jobs vote for me," he said.

Romney also said that the Federal Reserve should not use a major tool at their disposal to stimulate the economy, saying his own economic plan will get the economy moving.

"I am sure the Fed is watching and will try to encourage the economy, but I don't think a massive new QE3 will help this economy," Romney said.

QE3, or quantitative easing, is a unique tactic used by the central bank that uses the purchase of bonds to infuse the economy with additional money. The Fed has used the measure twice but indicated last week that it is not yet going to implement a third round of the strategy, but could do so in the near future.

"I think the Fed's first action- quantitative easing - was effective to a certain degree. but I believe the second quantitative easing did not have the impact they were looking for," explained Romney.

Romney said he has five things he would do stimulate the economy, including "taking advantage of our energy resources" and "fix[ing] our schools." He also said he would increase trade and "crack down on China when they cheat." The presumptive Republican candidate said his economic plan would create a balanced budget and "champion small businesses."

It's a plan, the former Massachusetts governor said, would add 12 million jobs during his first term - a dramatic increase from the 163,000 jobs added in July.

"That is what happens in a normal process when you come out the kind of recession we've had, you should see this kind of creation," Romney said. "[U]nder this president we have not seen that kind of pattern. We have just been bumping along with barely enough jobs to just hold the unemployment rate about the same - above 8 percent - 42 months like that."


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    Leigh Ann Caldwell is a political reporter for CBSNews.com.

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