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Romney offers $500 billion federal spending cuts

By Steve Peoples
Associated Press / November 3, 2011

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EXETER, N.H.—Republican presidential contender Mitt Romney wants to make deep cuts to Amtrak, aid to foreign countries and federal arts and broadcasting programs.

The former Massachusetts governor promises to slash $500 billion in federal spending in his first term in the White House. He says America has a moral obligation to make tough cuts.

Romney spoke to New Hampshire voters Thursday night and offered his most detailed spending plans to date. He's scheduled to deliver an even more detailed speech Friday in Washington.

Romney says that repealing President Obama's health care overhaul is among his top priorities. That alone will cut $95 billion in four years. But a full repeal is unlikely and would save taxpayers far less because it would erase other cuts and some tax hikes.