President Barack Obama mocked Mitt Romney over his failure to provide specific details about his tax cut proposals while speaking to supporters in Florida. Obama described Romney's tax cut plan as "bad math," saying Romney needs lessons is arithmetic.
Critics have pointed out that Romney and Ryan, who propose tax cuts, have so far failed to offer specific details about the tax loopholes they plan to close to help pay for their proposed tax cuts.
Obama, speaking to a crowd of supporters, raised laughter when he poked fun at his "opponents." He said: "Gov. Romney and his allies tell us that we can somehow lower our deficit by spending trillions of more dollars on tax breaks for the wealthy. Listen, you’ve got to do the math because when my opponents were asked about it today, they couldn’t. It was like two plus one equals five."
According to The Washington Times, Obama continued: "They couldn’t answer the question of how you already have deficits, you add five trillion dollars in new tax cuts, two trillion dollars in new defense spending and somehow you’re going to close the deficit without raising taxes on middle class families? They did not take their arithmetic course. They need to stay after school. They need to get some extra study hall in there. No recess for you.”
NBC News reports that Obama, speaking at the Florida Institute of Technology, after Romney and Ryan appeared on a Sunday morning TV show, concluded his attack, saying: "That's not bold leadership, that's bad math. That gets a failing grade. I refuse to go along with that plan."
ABC News reports Obama criticized Romney for his proposed tax cuts in spite of growing deficits, saying: “They’ve got the same plan they’ve had for 30 years: Tax cuts, tax cuts, gut a few regulations, and then give some more tax cuts. Tax cuts when times are good. Tax cuts when times are bad. Tax cuts to help you lose a few extra pounds tax cuts to improve your love life.”
Romney, according to ABC News, proposed raising revenue not through tax increases but by ending loopholes and deductions for the wealthy. But when he was pressed during NBC's "Meet the Press" to give specific details about the loopholes, he answered host David Gregory evasively "that people at the high end, high income taxpayers, are going to have fewer deductions and exemptions.”
Similarly, when Ryan was asked on ABC News' "This Week" which loopholes he and Romney were talking about, he said “We want to have this debate with Congress. We want to do this with the consent of the elected representatives of the people and figure out what loopholes should stay or go and who should or should not get them. And our priorities are high income earners should not get these kinds of loopholes.”
In consonance with Obama's warning to middle class Americans that Romney would give tax breaks to the wealthy at their expense, Joe Biden warned supporters at a campaign event in Milford, Ohio: “Ladies and gentlemen, look, all this has a giant price tag, and it’s not going to come from closing loopholes for millionaires. Folks, when you give these kinds of tax breaks out to the very very wealthy, the money’s got to come from somewhere. And guess who? You.”
NBC News reports Obama also cited a new study by Harvard Professor David Cutler, that found that senior citizens who qualify for Medicare from 2023 "would see higher premiums over the course of their retirement under the Romney/Ryan plan." Obama, citing the study's conclusion, said: “Basically your profits would decline by the thousands so their profits could rise by the billions."
Cutler was a chief health care adviser of the Obama campaign in 2008. He conducted the study on behalf of the Center for American Progress Action Fund, NBC reports.
Romney campaign spokesman Ryan Williams, reacting to Obama's statement, said the Cutler study was a "discredited" one. Romney said: "President Obama’s latest false attacks are a sign of desperation. Only one candidate in this race has robbed today’s Medicare of $716 billion to pay for Obamacare – Barack Obama. He has done nothing to reform Medicare for the long haul and prevent it from going bankrupt, and on his watch family health care premiums have increased by nearly $2,500."