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Romney Tax-Cutting Path to Budget Balance Clouded by Savings

Former Massachusetts Governor Mitt Romney says it’s “time to level with the American people about what it will take to cut spending and to balance our budget.”

While promising a “credible plan” to do that, the Republican presidential contender has proposed cuts that amount to little more than 60 percent of the $500 billion in annual spending reductions he vows. Some of his anticipated savings may not materialize, according to budget experts. And he wants to cut taxes and spend more on defense even as he pledges to bring spending down to 20 percent of the U.S. economy.