It’s a tough issue for President Barack Obama, and GOP presidential nominee Mitt Romney hammered him on it, saying the president had doubled the deficit rather than cutting it in half. Romney also said he would not raise revenue in order to balance the budget.
Obama said a balanced, responsible approach was necessary, with $2.50 in spending cuts for every $1 in new revenue, mostly from higher taxes on the wealthy.
Obama also went after the oil and gas industry, repeating his belief that the $4 billion in tax breaks available to them are corporate welfare.
Romney said the the breaks are actually closer to $3 billion and that most could be attributed to smaller exploration companies not the international companies. And he said the president had given $90 billion in breaks to alternative energy companies.