Main points of Obama, Romney economic plans
October 3, 2012, 11:57 am TWN
WASHINGTON -- With U.S. economic growth still soft, job creation and tax plans are at the heart of the ideological battle pitting President Barack Obama against Republican challenger Mitt Romney.
Here are the main points of the candidates' economic planks:
Obama: Create a million manufacturing jobs by 2016 by encouraging companies to relocate their production operations in the United States through fiscal measures.
Double exports to support employment.
Halve energy imports by 2020 through “green” energy and natural gas development.
Romney: Create 12 million jobs by boosting growth through lower taxes, deregulation, open markets and U.S. oil and gas exploration.
Obama: Reduce the U.S. deficit by US$4 trillion over 10 years, including US$2 trillion already enacted. Some US$1.95 trillion would come from higher taxes on the wealthy and the end of tax breaks for companies, along with US$850 billion from the end of the wars in Iraq and Afghanistan.
Romney: Bring federal spending below 20 percent of GDP, from 24.4 percent in 2012.
Require a super majority vote in Congress for any tax increase.
Remove unspecified tax breaks to finance a general reduction in taxes.
Replace every two government workers who leave with one new hire for a 10 percent reduction in government employees.
Align public sector salaries with those of the private sector.