Obama and Romney: Where they stand on the issues
File/Reuters.
A look at where Democratic President Barack Obama and Republican presidential rival Mitt Romney stand on a selection of issues:
Abortion and birth control:
Obama: Supports abortion rights. Health care law requires contraceptives to be available for free for women enrolled in workplace health plans, including access to morning-after pill, which does not terminate a pregnancy but is considered tantamount to an abortion pill by some religious conservatives.
Supported requiring girls 16 and under to get a prescription for the morning-after pill, available without a prescription for older women.
Romney: Opposes abortion rights. Previously supported them. Says state law should guide abortion rights, and Roe v. Wade should be reversed by a future Supreme Court ruling. But says Roe v. Wade is law of the land until that happens and should not be challenged by federal legislation seeking to overturn abortion rights affirmed by that court decision. "So I would live within the law, within the Constitution as I understand it, without creating a constitutional crisis. But I do believe Roe v. Wade should be reversed to allow states to make that decision." Said he would end federal aid to Planned Parenthood.
Debt:
Obama: His pledge to cut the deficit "we inherited" in half by end of first term is a mark likely to be missed by a wide margin. The deficit when he took office was $1.2 trillion, and the $800 billion stimulus bill Obama signed soon afterward increased the shortfall to more than $1.4 trillion. The White House predicts this year's federal budget deficit will end up at $1.2 trillion, marking the fourth consecutive year of trillion dollar-plus red ink. Now promises to cut projected deficits by $4 trillion over 10 years, a goal that will require Congress to raise the capital gains tax, boost taxes on households earning more than $250,000 a year and impose a minimum 30 percent tax on incomes above $1 million. The target also assumes a reduction in the amount of interest the government must pay on its debt and incorporates $1 trillion in cuts already signed into law. Nation's debt surpassed $16 trillion this year. Federal spending is estimated at 23.5 percent of gross domestic product this year, up from about 20 percent in the previous administration, and is forecast to decline to 21.8 percent by 2016. Reached agreement with congressional Republicans to cut $487 billion in military spending over a decade.
Romney: Promises to cut $500 billion per year from the federal budget by 2016 to bring spending below 20 percent of the U.S. economy and to balance it by 2020, but vital specifics are lacking. At the same time would increase military spending, reverse $716 billion in Medicare cuts and cut taxes. Defended 2008 bailout of financial institutions as a necessary step to avoid the system's collapse, opposed the bailout of General Motors and Chrysler. Stayed silent on the debt-ceiling deal during its negotiation, only announcing his opposition to the final agreement shortly before lawmakers voted on it. 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 arts and broadcasting.
Economy:
Obama: Term marked by high unemployment, a deep recession that began in previous administration and officially ended within six months and gradual recovery with persistently high jobless rates of over 8 percent — 8.1 percent in August, up from 7.8 percent in February 2009, Obama's first full month in office. The rate hit a high of 10 percent in October 2009. Businesses have added jobs for more than two years straight while public sector jobs have lagged. Obama responded to the recession with a roughly $800 billion stimulus plan that nonpartisan Congressional Budget Office estimated cut the unemployment rate by up to 1.8 percentage points. Continued implementation of Wall Street and auto industry bailouts begun under George W. Bush. Proposes tax breaks for U.S. manufacturers producing domestically or repatriating jobs from abroad and tax penalties for U.S. companies outsourcing jobs. Won approval of South Korea, Panama and Colombia free-trade pacts begun under previous administration, completing the biggest round of trade liberalization since the North American Free Trade Agreement and other pacts went into effect in the 1990s.
Romney: Lower taxes, less regulation, balanced budget, more trade deals to spur growth. Replace jobless benefits with unemployment savings accounts. Proposes repeal of the Dodd-Frank law toughening financial-industry regulations after the meltdown in that sector. Proposes changing, but not repealing, the Sarbanes-Oxley law tightening accounting regulations in response to corporate scandals, to ease the accountability burden on smaller businesses. "We don't want to tell the world that Republicans are against all regulation. No, regulation is necessary to make a free market work. But it has to be updated and modern."
Education:
Obama: Has approved waivers freeing states from the most onerous requirements of the Bush-era No Child Left Behind law with their agreement to improve how they prepare and evaluate students. "Race to the Top" competition has rewarded winning states with billions of dollars for pursuing education policies Obama supports. Won approval for a college tuition tax credit worth up to $10,000 over four years and more money for Pell grants for low-income college students. Wants Congress to agree to reduce federal aid to colleges that go too far in raising tuition.
Romney: Supported the federal accountability standards of No Child Left Behind law. In 2007, said he was wrong earlier in career when he wanted the Education Department shut because he came to see the value of the federal government in "holding down the interests of the teachers' unions" and putting kids and parents first. Has said the student testing, charter-school incentives and teacher evaluation standards of Obama's "Race to the Top" competition "make sense" although the federal government should have less control of education.
