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Notion that deficit reduction is only a matter of cutting programs that are really important to seniors, students, and so forth. that has to be part of the mix. but what i ran on, and what the american people elected me to do, was to put forward a balanced approach. to make sure that there are shared sacrifices. that everybody is doing a little bit more. and it is very difficult for me to say to a senior citizen, or a student, or a mom with a disabled kid, you are going to have to do with less. but we're not going to ask millionaires or billionaires to do more. that's not something, that's not...

One of the fallacies, i think that has been promoted, is this notion that deficit reduction is only a matter of cutting programs that are really important to seniors, students, and so forth. that has to be part of the mix. but what i ran on, and what the american people elected me to do, was to put forward a balanced approach. to make sure that there are shared sacrifices. that everybody is doing a little bit more. and it is very difficult for me to say to a senior citizen, or a student, or a mom with a disabled kid, you are going to have to do with less. but we're not going to ask millionaire...

One of the fallacies, i think, that has been promoted is this notion that deficit reduction is only a matter of cutting programs that are really important to seniors, students and so forth. that has to be part of the mix. but what i ran on and what the american people elected me to do was to put forward a balanced approach. to make sure that there's shared sacrifice, that everybody is doing a little bit more. and it is very difficult for me to say to a senior citizen or a student or a mom with a disabled kid, you are going to have to do with less, but we're not going to ask millionaires and bi...

Grow. those are the things that i'm not willing to do. and so -- >> did you commit to that first year of your second term, getting significant reform done. telling congress we've got to do it. >> david, i want to be very clear, you are not only going to cut your way to prosperity. one of the fallacies, i think that has been promoted, is this notion that deficit reduction is only a matter of cutting programs that are really important to seniors, students, and so forth. that has to be part of the mix. but what i ran on, and what the american people elected me to do, was to put forward a balanced...

Welcome back to "hardball." for weeks mitt romney has faced criticism for running a campaign short on details. he lays out his goals but doesn't explain the dirty details of what it would take to achieve them. the wall street journal page seemed to speak for many when it said there were political risks associated with his attempt to explain the economic moment and perhaps his own policies. he has a tax plan that gives the wealthiest americans big cuts. it would be tax increases for the middle class. his economic plan calls for capping federal spending at 20% of gdp but fails to mention what it...