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Where GOP candidates stand: Debt

by Associated Press/KTAR.com (January 26th, 2012 @ 5:00am)

As the time before the Republican party names their candidate before the 2012 Presidential race dwindles down, voters often need to know where the candidates stand on issues that matter to them.

Over the next few days, KTAR.com will be breaking down each candidate's approach on issues that matter to Arizona.

<b>Rick Santorum (AP Photo)</b><br>
Freeze social and military spending for five years to cut $5 trillion from federal budgets. Opposed the financial-industry bailout and stimulus programs of the Bush and Obama administrations. Supports constitutional balanced budget amendment holding federal spending at no more than 18 percent of GDP, down from the current recession-swollen 25 percent.

<b>Newt Gingrich (AP Photo)</b><br>
As House speaker in mid-1990s, engineered passage of a seven-year balanced-budget plan. It was vetoed by President Bill Clinton but helped form a bipartisan balanced budget two years later. Supports constitutional balanced budget amendment. Said that without a balanced budget, the U.S. had no choice but to raise its debt limit in the deal that avoided a default.

<b>Ron Paul (AP Photo)</b><br>
Would eviscerate federal government, slashing nearly half its spending, shut five Cabinet-level agencies, end spending on existing conflicts and on foreign aid.

<b>Mitt Romney (AP Photo)</b><br>
Defended 2008 bailout of financial institutions as a necessary step to avoid the system's collapse, criticized the bailout of General Motors and Chrysler and said any such aid should not single out specific companies. Cap federal spending at 20 percent of gross domestic product, down from today's recession-swollen 25 percent. Stayed silent on debt-ceiling deal during its negotiation, only announcing his opposition to the final agreement shortly before lawmakers cast their votes. Instead, endorsed GOP "cut, cap and balance" bill that had no chance of enactment. Favors constitutional balanced budget amendment. Proposes 10 percent cut in federal workforce, elimination of $1.6 billion in Amtrak subsidies and cuts of $600 million in support for the public arts and broadcasting.

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