By Steve Peoples
EXETER N.H. (AP) Mitt Romney will address one of the 2012 presidential contests defining issues when he offers his plan to slash federal spending before a gathering of tea party activists. The Republican presidential hopeful and former Massachusetts governor was to deliver his most detailed fiscal policy speech so far before a gathering Friday of conservative activists at the Washington Convention Center where the tea party-allied group Americans for Prosperity is holding a two-day event.
Romney has struggled to win over tea party supporters and his plan will not go as far as some would like. But he says he would cut $500 billion in his first term as president.
He would strip Amtrak of federal subsidies which could threaten the survival of the popular rail network. He would force deep cuts on the National Endowment for the Arts the Endowment for the Humanities and the Corporation for Public Broadcasting. And he would cut foreign aid to countries that can take care of themselves or those that dont line up with our interests he told a New Hampshire audience Thursday night offering a preview of his Washington address.
Romney said that unless the U.S. takes drastic action it is headed for a fiscal crisis equal to that in Greece. And he said the fight to cut spending will affect both Americas national security and its moral standing in the world.
We have a moral responsibility not to spend more than we take in Romney said.
Among his priorities is a plan to repeal President Barack Obamas health care overhaul which Romney says would save $95 billion. The savings to taxpayers however would be far less. While politically difficult a full repeal would also undo spending cuts and tax increases elsewhere ultimately slicing the federal budget deficit by $16 billion according to the nonpartisan Congressional Budget Office.
Romneys proposals may please some conservatives but it stops well short of a plan released last month by Texas Rep. Ron Paul who says he would cut $1 trillion in federal spending in his first year in office. Paul who is also seeking the GOP presidential nomination wants to eliminate the Energy Housing and Urban Development Commerce Interior and Education departments.
Romneys speech comes as congressional leaders struggle to craft a bipartisan plan cut the federal deficit by $1.2 trillion. That debate includes the popular entitlement programs Medicare and Social Security although Romneys specific vision for those programs is unclear.
He favors raising the retirement age for younger workers and limiting increases for wealthier recipients. And on Medicare he says government should give future recipients a specific amount to spend and allow them to choose between a private insurance plan or the traditional system according to an opinion piece this week in USA Today.
He has yet to fill in many of the details however.
