Mitt Romney 2008 - I Like Vetoes

FOR IMMEDIATE RELEASE April 4, 2007

CONTACT: Kevin Madden (857) 288-6390

ROMNEY FOR PRESIDENT LAUNCHES NEW TELEVISION AD, "I LIKE VETOES" Boston, MA – Romney for President today launched its newest television ad, "I Like Vetoes." The ad highlights Governor Romney's pledge to bring fiscal discipline back to Washington. Governor Romney has proposed capping non-defense discretionary spending at inflation minus one percent and will veto any budget that exceeds that amount. The ad will be begin airing today in Iowa and New Hampshire. Scripts and viewing links are below. Script For "I Like Vetoes" (TV:30): GOVERNOR MITT ROMNEY: "If I'm elected President, I'm going to cap non-defense discretionary spending at inflation minus one percent. "That would save $300 billion in 10 years. "And if Congress sends me a budget that exceeds that cap, I will veto that budget. "And I know how to veto. I like vetoes. I've vetoed hundreds of spending appropriations as Governor. "And frankly, I can't wait to get my hands on Washington! "I'm Mitt Romney and I approved this message." To view "I Like Vetoes", please see: http://mittromney.permissiontv.com/?showid=45511 AD FACTS: Script For "I Like Vetoes" (TV:30): GOVERNOR ROMNEY: "If I'm elected President, I'm going to cap non-defense discretionary spending at inflation minus one percent." •

Governor Romney Will "Cap Non-Defense Discretionary Spending At Inflation Minus One Percent." "It's time for some economic conservatism in Washington as well. America has seen an embarrassing spike in non-defense discretionary spending. And, as you know, I'm proud to be the first presidential candidate to sign Grover Norquist's tax pledge. But I have another pledge I'd like to make to you today: If I'm elected president, I'm going to cap non-defense discretionary spending at inflation minus one percent. That would save $300 billion – $300 billion – in 10 years. And if Congress sends me a budget that exceeds that cap, I will veto that budget." (Governor Mitt Romney, Remarks At The Conservative Political Action Conference, Washington, D.C., 3/2/07)

GOVERNOR ROMNEY: "That would save $300 billion in 10 years." •

Using Budget Estimates From The Office Of Management And Budget, Non-Defense Discretionary Spending Will Total $5.006 Trillion From 2010 To 2019 (Using Current Budget Projections And A 2.4% Growth Rate).

•

Under Governor Romney's CPI-1% Spending Reduction Proposal, Non-Defense Discretionary Spending Will Only Total $4.699 Trillion From 2010 To 2019.

•

Governor Romney's Budget Proposal Will Save Over $300 Billion.

Office of Management and Budget (OMB)

Growth Rate

President's Proposed NonDefense Discretionary Spending For Fiscal Year 2009 (In Billions)

OMB Inflation*

2.4%

Governor Romney's Proposal: CPI - 1

1.4%

SAVINGS

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Total

435

447

459

471

482

494

506

518

530

543

556

5006

435

441

447

454

460

466

473

479

486

493

500

4699

6

12

17

22

28

33

38

44

50

56

Total Savings $307 Billion

*Spending levels from 2009-2012 are taken from President Bush's proposed budget for fiscal year 2008. From 2013-2019, spending levels were derived by growing the 2012 projected spending level at The Office of Management and Budget's projected inflation rate.

GOVERNOR ROMNEY: "And if Congress sends me a budget that exceeds that cap, I will veto that budget. "And I know how to veto. I like vetoes. I've vetoed hundreds of spending appropriations as Governor." •

For All Four Of The Fiscal-Year Budgets That Crossed His Desk, Governor Romney Used The Line-Item Veto Power More Than 800 Times. Over the course of four budgets, Governor Romney made over 300 line-item reductions, 350 line-item eliminations and struck language 150 times. (Chapter 26 Of The Commonwealth Of Massachusetts Acts Of 2003, Governor's Veto Message, 6/30/02; Chapter 149 Of The Commonwealth Of Massachusetts Acts Of 2004, Governor's Veto Message, 6/25/04; Chapter 45 Of The Commonwealth Of Massachusetts Acts Of 2005, Governor's Veto Message, 6/30/05; Governor Mitt Romney, Memo To The Senate And House Of Representatives Of The Commonwealth Of Massachusetts; Fiscal Year 2007 General Appropriations Act Veto Items: Line Item Accounts, 7/8/06)

GOVERNOR ROMNEY: "And frankly, I can't wait to get my hands on Washington! "I'm Mitt Romney and I approved this message." To view "I Like Vetoes", please see: http://mittromney.permissiontv.com/?showid=45511