Lashing out at US President Barack Obama for increasing the nation's debt limit to a dangerous level, the presumptive Republican nominee Mitt Romney vowed to take the country out of "danger zone" if voted to power in November presidential elections.
"A prairie fire of debt is sweeping across Iowa and our nation and every day we fail to act that fire gets closer to the homes and children we love. This is not solely a Democrat or a Republican problem.
"The issue isn't who deserves the most blame, it's who is going to do what it takes to put out the fire," Romney said, in his major economic policy speech that focused on addressing burgeoning debt issue in Iowa.
"The people of Iowa and America have watched President Obama for nearly four years, much of that time with Congress controlled by his own party. And rather than put out the spending fire, he has fed the fire. He has spent more and borrowed more," he said.
"The time has come for a president, a leader, who will lead. I will lead us out of this debt and spending inferno. We will stop borrowing unfathomable sums of money we can't even imagine, from foreign countries we'll never even visit. I will bring us together to put out the fire!" Romney asserted.
Observing that today the US faces a financial crisis of debt and spending that threatens what it means to be an American, Romney alleged that Obama is an old school liberal whose first instinct is to see free enterprise as a villain and government as the hero.
"America counted on President Obama to rescue the economy, tame the deficit and help create jobs. Instead, he bailed out the public-sector, gave billions of dollars to the companies of his friends and added almost as much debt as all the prior presidents combined," he alleged.
"The consequence is that we are enduring the most tepid recovery in modern history. The consequence is that half of the kids graduating from college can't find a job that uses their skills. The consequence is that retirees can no longer get by on savings and social security. The consequence is that the length of time it takes an unemployed worker to find a job is the longest on record. This is why even those who voted for Barack Obama are disappointed in him," he said.
Accusing Obama of increasing the national debt by five trillion dollars, Romney said that every household's share of government debt and unfunded liabilities has reached more than USD 520,000.
"Think about what that means. Your household will be taxed year after year with the interest cost of that debt and with the principal payments for those liabilities. Of course, it won't be paid off by the adults in your household. It will be passed along to your children. They will struggle throughout their lives with the interest on our debts, and President Obama is adding to them every single day," he said, warning that there's a good chance this debt could cause the US to hit a Greece-like wall.
Romney also alleged that Obama administration has made little effort to rein in redundancy and waste.
"In 2011, the Government Accountability Office found 34 areas where agencies, offices or initiatives in the federal government had overlapping objectives or were providing similar services. The GAO estimated that fixing this redundancy could save over USD 100 billion. Yet, one year later, only three of these 34 areas had been fully addressed. Only one programme was actually defunded," he said.
"In 2010, 17 federal government agencies gave USD 7.7 billion to more than 25 United Nations programmes, billions of it voluntarily. Another example: There are 94 federal programmes in 11 agencies that encourage "green" building. A report found that the results of their initiatives and investments are quite unknown," Romney said.