Romney: No $5 trillion tax cut

Mitt Romney objected to President Obama's characterization of his plan as a "five trillion dollar tax cut," saying he had no intention of introducing such big cuts.  

"I don't have a five trillion dollar tax cut," Romney said. "I don't have a tax cut of the scale that you're talking about." 

Romney also said repeatedly that he would not raise taxes on the middle-class or lower them on the wealthy. 

"We ought to apply tax relief to people in the middle class, but I'm not going to reduce the share of taxes paid by high-income people," he said. "I'm not looking to cut massive taxes. He pledged that he would sign "no tax cut that adds to the deficit."

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Rachel Weiner | October 3, 2012