2012 Republican Presidential Candidates on the Budget

The equation is simple. Our annual GDP for 2010 stands at $14.5 trillion dollars, about a quarter of the world's total, while our total public debt stands at a little over $14 trillion dollars. Just like a credit card, the debt will be charged interest, unless we make a full settlement on the sum - which we can't afford to. Now, let's throw a little fuel on the fire. We are incurring a projected $1 trillion dollar deficit for the next fiscal year, which will continue to grow with each passing year. By the look of things, we will owe more money than we earn for the first time in our history next year. Let's throw in some firewood. No one will lend us any more money, or rather, no one is capable of lending us that much money. Essentially, we're looking at bankruptcy in the very near future.

The Republicans insists on an immediate halt on any further spending until the deficit is brought under control. The Democrats fear that such an action will throttle economic growth and spook our lenders, and consequently, destabilize the financial sector and create a domino like effect that will result in the collapse of our economy; hence the proposal to yet again raise the debt ceiling and pay for it by increase tax rate even higher.. You worried yet? Join the club, and start paying attention to the numbers quoted by the candidates here.

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2012 Presidential Candidates on Twitter

Declared 2012 Republican Presidential Candidate
Former Speaker of the House

Newt Gingrich

Gingrich Position on the Budget

• Gingrich thinks the United States must quit spending beyond its means.

• He believes that the budget must be balanced.

• Gingrich believes that Congress must stop spending on discretionary items such as entitlement programs.

• He said the country could cut costs in half and reduce the deficit by drastically downsizing the government.

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Declared 2012 Republican Presidential Candidate
Career Flight Attendant

Tom Miller

Miller Position on the Budget

• Miller will not authorize an increase to the U.S. debt limit (ceiling).

• He will amortize the estimated $16 trillion deficit over 30 years and assign the repayment of this obligation as a mandatory fixture of the Federal budget.

• He will order a full audit of the Federal government.

• He will immediately terminate all bailout and tarp programs and recover our money.

• He will de-fund the Health Care and Education Reconciliation Act of 2010.

• He will privatize and sell off the assetts of Fannie Mae and Freddie Mac, along with the other Departments and agencies that belong in the private sector.

• He will offer all citizens the option to opt-out of Social Security and return their money back to them.

• He will permanently cut Federal wages (except military) to bring parity with the private sector.

• Once these objectives have been completed, Miller can factually balance the budget, even if it requires sacrificing the wants of today for the needs of tomorrow.

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Declared 2012 Republican Presidential Candidate
U.S. Representative from the State of Texas

Ron Paul

Paul Position on the Budget

• Ron Paul believes that nations and empires inevitably end due to financial reasons.

• He believes that the U.S. should live within its means and pay down the deficit.

• Paul think that the longer the government delays the true depth of the recession, the worse it will be.

• He would give up the American empire to reduce debt without sacrifice.

• He thinks spending should be based on the Constitution. If all spending had to be justified by the Constitution our spending would be drastically reduced.

• He says we cannot afford the wars in the Middle East.

• He says that we’ve come to accept debt and we shouldn’t; we should strive to get the country out of debt and never spend more than we take in.

• He does not believe that government should bail out private enterprise nor seek to control it. Such acts have ruined our budget.

• Ron Paul supports a Balanced Budget Amendment and on-budget accounting.

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Declared 2012 Republican Presidential Candidate
Former Governor of Massachusetts

Mitt Romney

Romney Position on the Budget

• Mitt Romney believes in the principle of reaganomics wherein you cut taxes which is believed to bring in economic growth. According to him the budget should cut taxes on people earning incomes less than $200,000 a year and also cut payroll taxes on people aged sixty five years or older.

• He supports setting up a national catastrophic fund to ensure that people are entitled to home owners insurance in the event of some natural disasters like hurricanes, tornadoes etc.

• He brought forward an economic stimulus package with a price tag of $233 billion which is aimed at generating long term growth incentives. This can be achieved by expensing capital expenditures in the next two years and lowering corporate tax rate so that businesses will thrive and generate revenue.

• He perpetrates the need for becoming energy independent by making investments in alternative energy sources, reduce gas prices and reduce taxes on middle income Americans.

• Mitt Romney suggests bringing a cut in the 342 odd different economic programs. Of course protecting the nation's defense and military personnel is important therefore allocation of funds for their welfare is important.

• He believes that he can bring in savings worth $300 billion dollars in 10 years by capping non defense discretionary spending at inflation minus 1% and will veto any budget that exceeds that cap.

• He wants to be known as the job senator by convincing the government to cut deficits and raise American's savings rate by making more capital available for companies for investment and thereby increase employment opportunities.

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Declared 2012 Republican Presidential Candidate

Matt Snyder

Snyder Position on the Budget

"When times were good, we spent freely. When times are bad, we should not. Really, it’s just that simple."