Halperin: I want to get to a lot of those, and lets go to spending, which is a big thing for you, one of the bases of comparison you say youd cut spending a lot more than the President has. And like most governors I know, you can get down in the detail. A lot of people dont know that about you; you can really get your arms around a policy issue and go deep, so lets talk about spending. You have a plan, as you said, over a number of years, to reduce spending dramatically. Why not in the first year, if youre elected why not in 2013, go all the way and propose the kind of budget with spending restraints, that youd like to see after four years in office? Why not do it more quickly?
Romney: Well because, if you take a trillion dollars for instance, out of the first year of the federal budget, that would shrink GDP over 5%. That is by definition throwing us into recession or depression. So Im not going to do that, of course. What you do is you make adjustments on a basis that show, in the first year, actions that over time get you to a balanced budget. So Im not saying Im going to come up with ideas five or ten years from now that get us to a balanced budget. Instead Im going to take action immediately by eliminating programs like Obamacare, which become more and more expensive down the road by eliminating them, we get to a balanced budget. And Id do it in a way that does not have a huge reduction in the first year, but instead has an increasing reduction as time goes on, and given the growth of the economy, you dont have a reduction in the overall scale of the GDP. I dont want to have us go into a recession in order to balance the budget. Id like to have us have high rates of growth at the same time we bring down federal spending, on, if you will, a ramp thats affordable, but that does not cause us to enter into a economic decline.