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How America gets its fiscal house in order is a defining issue of the 2012 election season. The economic downturn hit African-Americans especially hard. Worries over gas prices, unemployment and the housing crisis have created a devastating economic backdrop. The crash of the housing market has taken its toll. Debates are mounting about whether the tax burden is being fairly shared and whether government spending can be cut in the quest to balance the multi trillion-dollar budget.
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President Obama came to office during a time when the economy was in steep decline. He pushed for bailout loans to auto manufacturers, allowing the industry to bypass a total collapse and saving more than 1.4 million jobs. Despite all his efforts, the economy continues to struggle.
Mitt Romney is a supporter of efforts to cut the federal budget, place caps on government spending and balance the budget, otherwise known as the “cut, cap, balance” approach. Romney believes the current 35 percent corporate tax should be reduced to 25 percent as a way to spur growth.
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