“I actually lay out a plan to get us to a balanced budget within eight years.” Mitt Romney to Mark Halperin
Uh. No. Greg Sargent:
The nonpartisan Tax Policy Center has taken a close look at this question. It has determined that relative to current policy — that is, if you keep the Bush tax cuts in place, as Romney wants to do — Romney’s tax cutting plans would increase the deficit by nearly $5 trillion over 10 years. That’s on top of keeping the Bush tax cuts for the rich. Romney has promised to close various loopholes to pay for his tax cuts, but he hasn’t specified which ones. Until he does, the Tax Policy Center concludes, his plan would cost $5 trillion — which would be added, yes, to the deficit.
By contrast, Obama’s plans would not increase the deficit by anything close to that amount. Relative to current policy, the Tax Policy Center has found, Obama’s plan would reduce the deficit by approximately $2 trillion over the next decade. [...]
Bottom line: relative to current policy, Obama’s plan would reduce the deficit by bringing in $180 billion or more in revenues a year, or approximately $2 trillion over 10 years; Romeny’s plan would increase the deficit by nearly $500 billion a year — $5 trillion over ten years.
The Tax Policy Center’s Roberton Williams summed it up perfectly in a quote to me: “The bottom line is that whatever baseline you use, until Romney makes good on his promise to pay for his tax cuts, he would increase the deficit far more than Obama would.”
But the Romney Unit will repeat this whopper lie until November — and probably after that, too, whether or not he wins.