In Washington at the "Defending the American Dream Summit," Presidential candidate Mitt Romney made a very steep promise. In what looks like a continuous effort to shrink the government, Romney promises that should he become President, by the end of his term in 2016 he will have reduced the spending levels to 20% of GDP. Romney explained that to meet that goal, the government must find $500 billion in annual savings.
According to CNN, in an effort to fulfill this promise, Romney explained that the biggest money saver in this plan would be to place the control of medicaid into the hands of the states, and limiting the company's growth to the consumer price index. Moreover, he included plans to slice budgeting from other sources that would specifically benefit the conservative platform such as Planned Parenthood. He also suggested the following proposals:
- Re-structuring Social Security and Medicare, including letting seniors choose between federal coverage and private health insurance plans