On the issues

October 25, 2012 Filed under NATIONAL, OBAMAWATCH Posted by admin

Where Obama and Romney stand as we head into the 2012 election

By Lesley Clark and David Lightman, McClatchy Newspapers


Pledged soon after he took office to cut the nation’s deficit in half by the end of his first term, but said this spring that he was unable to because the depth of the economic downturn was much worse than expected. Has said any efforts to trim the deficit will have to come through new taxes — mostly on the wealthy — and through ending tax breaks and trimming health care costs.	DEFICIT	Aims to bring spending down to 20 percent of gross domestic product, instead of last year’s 24 percent, by the end of his first term. He’d cut nonsecurity discretionary spending, which includes many domestic programs, by 5 percent, and cap such spending below 2008 levels. All that would be difficult in a Congress where lawmakers have long been reluctant to find consensus on serious spending cuts.

Signed trade deals in 2011 with Colombia, Panama and Korea, although Republicans accused him of slowing approval of the Colombia deal because of resistance from unions. They’ve also accused him of not being tough enough on China, but he maintains his administration has gone after China at the World Trade Organization more aggressively than the previous administration.	TRADE	Would get tougher with China, including promoting “all unilateral actions within our power to ensure the Chinese adhere to existing agreements.” He’d designate China a “currency manipulator” and impose penalties. Critics contend that a policy that gets too tough could cause a dangerous schism in diplomatic relations.

In 2010, signed into law the most sweeping overhaul of the nation’s financial regulatory system since the Great Depression, and earlier this year sidestepped Republican opposition to appoint a new consumer watchdog whose post was created by the legislation. Democrats say it will prevent a repeat of the 2008 financial industry meltdown, but Republicans warn it creates a new, unwieldy bureaucracy.	WALL STREET REGULATION	Would repeal Dodd-Frank Wall Street regulatory changes and replace them with “streamlined, modern regulatory framework.” He’d also review and eliminate all Obama-era regulations that ”unduly burden the economy.” Romney, who cofounded the Bain Capital private investment firm, has been blasted for being too cozy with Wall Street.

Promised on the campaign trail to cut taxes for the middle class and raise them for the richest. He has raised some taxes – including on indoor tanning bed services and cigarettes — and cut others. He angered his progressive base in late 2010 by agreeing to extend all of the George W. Bush-era tax cuts for two years. But he’s not been able to convince Congress to raise taxes on the wealthiest.	TAXES	Wants to cut marginal income tax rates 20 percent across the board and eliminate taxes on dividends, interest and capital gains for taxpayers with adjusted gross incomes of less than $200,000. He’d cut the corporate rate, now 35 percent, to 25 percent. Critics say Romney would be increasing already-record deficits; Republicans counter that the cuts would spur economic activity and produce more revenue.

Campaigned on ending the war in Iraq and said he’d focus more attention on Afghanistan, where he sent a troop surge after taking office. He announced a gradual troop withdrawal in June 2011, months after a successful Navy Seal raid that killed Osama bin Laden. Afghans are worried about continued unrest. Obama says the U.S. is prepared to help with military training and counter-terrorism operations, but will “shift into a support role.”	AFGHANISTAN	U.S. troop withdrawal from Afghanistan in a Romney administration would be based “on conditions on the ground as assessed by our military commanders,” a position critics say is too open-ended. In return for a U.S. commitment, Afghanistan must take strong steps to rid the government of corruption and hold free elections.

Has insisted that he wouldn’t hesitate to use force to stop Iran from obtaining a nuclear weapon, although he has said he believes there is time yet for diplomacy and the economic sanctions the administration has enacted to bring Iran to terms before resorting to force. He’s accused his Republican challengers of politicizing worries over Iran’s nuclear aspirations and “beating the drums of war.”	IRAN	Says he would keep the military option “on the table,” a stance that’s drawn strong criticism from many Democrats. But if elected president, Romney says, Iran “will not have a nuclear weapon.” Wants “crippling sanctions” and advocates working with insurgents to promote regime change.

Favors comprehensive immigration reform and passage of the Dream Act to give children of undocumented immigrants a chance to become U.S. citizens. Issued an executive order in June that will give hundreds of thousands of young illegal immigrants a two-year deferment to remain and work legally in the U.S. But has frustrated activists for not making immigration reform a priority and for increasing the number of deportations.	IMMIGRATION	Would complete U.S.-Mexico border fence or high-tech system to keep illegal immigrants out. Would offer no amnesty for illegal immigrants now in U.S. and opposes any policy that would permit undocumented aliens to “cut in line.” Says he’d honor deferments granted under Obama’s executive order for young illegal immigrants but would not issue new ones. Supports giving undocumented immigrants a chance to become citizens if they serve in the military.

Granted 10 states relief from the most restrictive requirements of the No Child Left Behind law, following complaints from teachers and schools. His Race to the Top initiative rewards schools for enacting education practices that the administration supports, including using innovation to improve struggling schools.	EDUCATION	Insists parents should not be required to send children to a failing school, and wants “increased choice.” Teachers should be rewarded for better performance, and college education should be available to anyone who wants it.

The signature achievement of Obama’s first term was a goal that eluded Democrats for decades. The sweeping health care law that requires most individuals either purchase insurance or pay a fee helped fuel the rise of the tea party and the Republican landslide in congressional elections in 2010. The U.S. Supreme Court upheld the health care law in June.	HEALTH CARE	Signed the Massachusetts health care law considered a model for the 2010 federal health care law. But Romney rails against the federal measure, saying he would push for repeal. He’d issue an executive order immediately allowing any state to waive the law’s requirements and urge each state to adopt its own health care overhaul. Consumers would be allowed to buy coverage across state lines.

Said during debt ceiling negotiations that he would be open to “modest modifications” to the federal entitlement programs, but he’s not proposed a plan for long-term solvency of the two programs.	SOCIAL SECURITY/ MEDICARE	Would slowly increase the Social Security retirement age and institute a lower benefit growth rate for wealthier recipients for future generations. On Medicare, no change for current beneficiaries or those nearing retirement. For others, backs a “premium support” plan, or vouchers, that gives consumers benefits they can use to buy insurance coverage. Traditional Medicare plans would be offered. Democrats pounce on the plan, saying it would end the program as it’s known, and jeopardize the economic wellbeing of seniors.

Would give homeowners current on mortgage payments the opportunity to refinance their home loans at current low rates. The plan would be financed by a proposed fee on the largest financial institutions and calls for streamlining the refinancing process. Has also put forward a “Homeowners Bill of Rights” that includes full disclosure of fees and penalties and right of foreclosure appeal. For homeowners facing foreclosure, the current Making Home Affordable programs offer a variety of mortgage modification options, from foreclosure alternatives to mortgage refinancing.	HOUSING	Calls for selling 200,000 vacant, foreclosed homes owned by the government, a pilot of which the Federal Housing Finance Agency began in February. Also proposes making it easier for struggling homeowners to get foreclosure that would preserve their credit and to help keep those who cannot afford to pay their mortgages in their homes, yet he offers no specifics on how to do that. Promises to revamp housing regulations and reform government sponsored enterprises Fannie Mae and Freddie Mac.

Would create up to 1.9 million new jobs through short-term efforts to stimulate hiring, pushing jobs in “green technologies” and providing better education for future workers. Proposes cutting payroll taxes for businesses, extending a payroll tax holiday for employers who add jobs or raise wages beyond the prior year’s payroll and allowing companies to deduct the full value of new equipment. Would spend $30 billion to renovate schools and $50 billion to repair critical infrastructure in order to create new construction jobs. Would also provide $5 billion to help localities hire or retain public safety workers and first responders.	JOBS	Promises 12 million new jobs over four years through a revamp of government taxation and spending, plus an easing of federal regulations. Would eliminate taxes on capital gains, interest and dividends for individuals with adjusted gross income below $200,000 and repeal the estate tax. Proposes reducing the corporate tax rate from 35 to 25 percent, raising visa caps for high-skilled foreign workers and granting permanent residency to foreigners pursuing advanced degrees in math, science and engineering. Advocates more aggressive exploitation of energy resources on public lands.

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