Toro
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Whilst governor of Massachusetts, President Romney pitched to S&P that they should raise their rating on his state in part because he raised taxes.
Romneys Pitch to S&P Boasted of Revenue Raisers - Washington Wire - WSJ
Former Gov. Mitt Romney boasted this week that when he led Massachusetts, he presided over an increase in the states bond rating, a contrast to President Barack Obama, who saw Standard & Poors downgrade U.S. debt.
But Mr. Romney had an advantage that Mr. Obama sorely wanted but could not get from Congress: tax increases and the closing of tax loopholes.
Documents obtained by The Wall Street Journal Wednesday through the Freedom of Information Act show the Romney administrations pitch to S&P in late 2004 included the boast that The Commonwealth acted decisively to address the fiscal crisis that ensued after the terrorist attacks of 2001. Bulleted PowerPoint slides laid out the actions taken, including legislation in July 2002 to increase tax revenue by $1.1 billion to $1.2 billion in fiscal 2003 and $1.5 billion to $1.6 billion in fiscal 2004; tax loophole legislation that added $269 million in additional recurring revenue, and tax amnesty legislation that added $174 million. The final bullet: FY04 budget increased fees to raise $271 million yearly.
The efforts contradict the position that Mr. Romney took during the federal governments crisis over raising the statutory limit on federal borrowing, in which he said the debt ceiling should only be increased if federal spending was first cut, then capped, and a balanced budget amendment was passed by Congress. The Republican presidential front-runner ruled out tax increases, as Mr. Obama pressed for loophole closures of his own.
The presentation also laid out other steps that restrained spending increases, although spending was projected to rise above fiscal 2004 levels by 5.8% in fiscal 2005, according to the presentation.
Romneys Pitch to S&P Boasted of Revenue Raisers - Washington Wire - WSJ