Romney says Obama deficit plan 'too little'

By Matt Viser, Globe Staff

WASHINGTON — Expected Republican presidential contender Mitt Romney immediately pounced on President Obama’s deficit-cutting proposal, saying it didn’t go far enough and relied too heavily on tax increases.

“President Obama’s proposals are too little, too late,” Romney said in a statement released minutes after Obama today finished his speech outlining his plan. “Instead of supporting spending cuts that lead to real deficit reduction and true reform of Medicare, Medicaid, and Social Security, the President dug deep into his liberal playbook for ‘solutions’ highlighted by higher taxes.”

Obama proposed a menu of options to reduce the deficit, including cuts in defense spending, an overhaul of the tax system, and an end to Bush-era tax cuts for wealthier Americans. The plan would lower the deficit by about $4 trillion over a dozen years.

Obama’s proposal comes in response to a House Republican plan that would cut $5.8 trillion in spending over the next decade. That plan would allow the Bush tax cuts — now set to expire in 2012 — to be extended indefinitely, and Republicans have opposed any proposal to end the tax break.

"With over 20 million people who are unemployed or who have stopped looking for work, the last thing we should be doing is raising taxes on job-creators, entrepreneurs, and small business owners across America,” Romney said in his statement.

Matt Viser can be reached at maviser@globe.com. Follow him on Twitter @mviser.