Romney Pledges Deep Spending Cuts

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Republican presidential contender Mitt Romney has pledged to slash $500 billion dollars in federal spending in his first term in the White House.

Those cuts would include funding for Amtrak, aid to foreign countries and the National Endowment for the Arts, the Endowment for the Humanities and the Corporation for Public Broadcasting.

The former Massachusetts governor offered some of the details of his spending plan Thursday in a speech to New Hampshire voters.

Romney says repealing President Obama's health care law is also among his top priorities. He said repealing the law would save $95 billion.

However, the nonpartisan Congressional Budget Office estimates a full repeal of the law would in reality save taxpayers $16 billion.

Romney said that unless the U.S. takes drastic action, it is headed for a fiscal crisis equal to that in Greece. And he said the fight to cut spending will affect both America's national security and its moral standing in the world.

"We have a moral responsibility not to spend more than we take in," he said.

Romney is scheduled to give more details about his plan to cut government spending on Friday in Washington when he addresses the Americans for Prosperity conference.

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