Romney Oversimplifies Debt 'Inferno'

Romney_120515_03.jpg
Associated Press SHARE

But so did the Bush-era tax cuts enacted in 2001 and 2003. With bipartisan support, Congress has extended the tax cuts until the end of this year, and Romney's proposals for big cuts of his own would risk another squeeze on revenue.

To be sure, Obama as a presidential candidate in 2008 was just as eager as Romney is now to pin blame for mounting debt on a president from the other party.

Ignoring economic circumstances and the role of both parties in Congress, Obama accused President George W. Bush in that campaign of driving up debt by $4 trillion "by his lonesome" and taking out "a credit card from the Bank of China in the name of our children."

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.