> Revise the terms of entitlement programs such as Medicare, Medicaid, and Social Security, which threaten to bankrupt the nation's future.

> Eliminate the costly and ineffective military interventions in Iraq and Afghanistan; limit defense spending to actions that truly protect the United States.

> Stop spending on the fiscal stimulus, transportation, energy, housing, and all other special interests. The U.S. must restrain spending across the board.

Cut taxes: The US tax system imposes an enormous toll on productivity through high marginal rates, absurd complexity, loopholes for the well-connected, and incentives for wasteful decisions. A better, fairer system will be:

> Abolish the Internal Revenue Service.

> Enact the Fair Tax to tax expenditures, rather than income, with a "prebate" to make spending on basic necessities tax-free.

> With the Fair Tax, eliminate business taxes, withholding, and other levies that penalize productivity, while creating millions of jobs. Suggested reading: www.FairTax.org.

Reduce federal involvement in the economy: Much federal intervention is a payout to special interests or counterproductive meddling that stifles competition, innovation, and growth. We should:

> Reject auto and banking bailouts, state bailouts, corporate welfare, cap-and-trade, card check, and the mountain of regulation that protects special interests rather than benefiting consumers or the economy.

> Restrict Federal Reserve policy to maintaining price stability, not bailing out financial firms or propping up the housing sector.

> Eliminate government support of Fannie and Freddie.

> Reduce or eliminate federal involvement in education; let states expand successful reforms such as vouchers and charter schools.

> Legalize, tax, and regulate marijuana, rather than wasting money on an expensive and futile prohibition.

> Eliminate needless barriers to free trade and make it easier for would-be legal immigrants to apply for work visas.

We can't just cut our way to prosperity, and we can’t go back to the same failed policies that caused the economic crisis and punished middle-class families.

This election presents a choice between two fundamentally different visions of how to grow our economy and create good middle-class jobs.

Job growth: Before I took office, the economy was losing 800,000 jobs a month. Now, we've seen 31 consecutive months of job growth and 5.2 million new private sector jobs.

Mitt Romney opposed the Recovery Act, opposed the auto industry rescue, and said that we should let the housing market "hit the bottom."

Rescuing the auto industry: I refused to let the American auto industry die. I took a chance on Americans, and it paid off. More than 1 million jobs were saved, the US auto industry is roaring back and adding jobs, and all government loans were paid back ahead of time.

Mitt Romney said that we should have let Detroit "go bankrupt."

Reviving US manufacturing: US manufacturing has added 459,000 jobs since January 2010 - the most growth in a decade.

Mitt Romney mocked me for encouraging young people to pursue careers in manufacturing, and while he was governor of Massachusetts, the state lost manufacturing jobs at a rate twice the national average.

Made in America: I have a plan to bring jobs back to the US by eliminating tax breaks for companies that ship jobs overseas, and creating incentives for businesses to bring jobs back to America.

Mitt Romney has no plan to get rid of tax breaks for companies that ship jobs overseas, and wants to eliminate taxes on American companies' foreign profits, which would actually encourage more outsourcing.

Making sure everyone plays by the same rules: I passed Wall Street reform to make sure that Americans would never again have to pay to bail out big banks.

Mitt Romney has promised to repeal Wall Street reform, allowing big banks to once again write their own rules.

Innovation: I am investing in education, research, and technology to grow the economy for the long term.

Manufacturing is an essential building block of our economy because it sparks innovation, generates higher-wage jobs, and strengthens entire communities.

After declining for over a decade, the manufacturing sector has rebounded - led by my rescue of the auto industry - and created half a million manufacturing jobs over the past 30 months.

To build on this recovery, I set a goal to create 1 million new manufacturing jobs by the end of 2016 and am working to double American exports over the next five years by promoting US goods and removing trade barriers, expanding access to credit, and promoting strong growth.

My plan seeks to reduce taxes, spending, regulation, and government programs. It seeks to increase trade, energy production, human capital, and labor flexibility. It relinquishes power to the states instead of claiming to have the solution to every problem.

Any American living through this economic crisis will immediately recognize the severity of the break that I propose from our current course. I am calling for a fundamental change in Washington's view of how economic growth and prosperity are achieved, how jobs are created, and how government can support these endeavors.

It is at once a deeply conservative return to policies that have served our nation well and a highly ambitious departure from the policies of our current leadership.

In short, it is a plan to get America back to work.

Individual taxes: America's individual tax code applies relatively high marginal tax rates on a narrow tax base. Those high rates discourage work and entrepreneurship, as well as savings and investment. With 54 percent of private sector workers employed outside of corporations, individual rates also define the incentives for job-creating businesses. Lower marginal tax rates secure for all Americans the economic gains from tax reform.

> Make permanent, across-the-board 20 percent cut in marginal rates.

> Maintain current tax rates on interest, dividends, and capital gains.

> Eliminate taxes for taxpayers with AGI below $200,000 on interest, dividends, and capital gains.

> Eliminate the Death Tax.

> Repeal the Alternative Minimum Tax (AMT).

Corporate taxes: The US economy’s 35 percent corporate tax rate is among the highest in the industrial world, reducing the ability of our nation’s businesses to compete in the global economy and to invest and create jobs at home. By limiting investment and growth, the high rate of corporate tax also hurts US wages.

> Cut the corporate rate to 25 percent.

> Strengthen and make permanent the R&D tax credit.

> Switch to a territorial tax system.

> Repeal the corporate Alternative Minimum Tax (AMT).

Trade: I believe that free trade is essential to restoring robust economic growth and creating jobs. We need to open new markets beyond our borders for American goods and services on terms that work for America.

Open markets: Every president beginning with Ronald Reagan has recognized the power of open markets and pursued them on behalf of the United States. George W. Bush successfully negotiated 11 Free Trade Agreements encompassing 16 countries. He also had the vision to commence negotiations with a number of allies around the Pacific Rim to expand significantly the Trans-Pacific Partnership.

All told, these agreements have enabled people across the world to come together and build a better future. Economists estimate that the agreements have led to the creation of 5.4 million new American jobs and support a total of nearly 18 million jobs.

Looking beyond just our FTA partners, our total exports support nearly 10 million American jobs. These are not just jobs; they’re good jobs, paying significantly above average, and more than one-third are in manufacturing.

> Reinstate the president’s Trade Promotion Authority.

> Complete negotiations for the Trans-Pacific Partnership.

> Pursue new trade agreements with nations committed to free enterprise and open markets.

> Create the Reagan Economic Zone.

> Enact the Full Employment Program which will directly provide 25 million green jobs in sustainable energy, mass transit, sustainable organic agriculture, and clean manufacturing, as well as social work, teaching, and other service jobs.

Unless we take significant steps soon, our federal debt will equal the entire economic production of the United States.

We must fundamentally reassess the role of the federal government, always asking the question: Should the government be doing this in the first place?

That reassessment should begin with the president submitting a truly balanced budget in 2013. We must act now to:

Balance the budget: The US is borrowing or printing more than 40 cents of every dollar the government spends today. The math is simple: Federal spending must be cut not by millions or billions, but by trillions. And it must be done today. It's time to:

> Submit a balanced budget to Congress, not five or 10 years down the road, but in 2013.

> End excessive spending, bloated stimulus programs, unnecessary farm subsidies, and earmarks.

> Reassess the role of the federal government and identify responsibilities that can be met more efficiently by the private sector.

> Recognize that you can't have limited government at home, but big government abroad.

Enact responsible entitlement reform: Most people in Washington seem to think that we can control spending and balance the budget without reforming Medicare, Medicaid, and Social Security. This is lunacy.

> Identify and implement commonsense cost savings to place Medicare on a path toward long-term solvency.

> Block grant Medicare and Medicaid funds to the states, allowing them to innovate, find efficiencies, and provide better service at lower cost.

> Repeal President Obama's healthcare plan, as well as the failed Medicare prescription drug benefit.

> Fix Social Security by changing the escalator from being based on wage growth to inflation. It's time for Social Security to reflect today's realities without breaking trust with retirees.

Audit the Federal Reserve: The Federal Reserve should be transparent and its actions held to the same level of scrutiny as any federal department.

> The American people deserve to know the extent to which the Fed has purchased private assets at home and abroad.

> Many Americans have become interested in the Federal Reserve in recent years. America's representatives in Washington, DC need to also become a lot more interested in how this government institution affects the American economy.

> The role and the activities of the Federal Reserve are long overdue for examination, reassessment, and ultimately, thoughtful reform. Can the Federal Reserve pursue both stable prices and full employment, or does its currency manipulation cause malinvestment, inflation, and prolonged unemployment?

> Conduct an audit to provide true transparency of the Federal Reserve's lending practices.

> Establish clear Congressional oversight.

> Get the Federal Reserve out of the business of creating money, quantitative easing and other efforts to override the free market.

Mitt Romney has refused to detail any plan for how he would reduce the deficit. Instead, he has called for $5 trillion in new tax cuts weighted towards the wealthy and a massive defense build-up with no strategic rationale, along with deep cuts to investments in the middle class.

A point of no return may well be approaching - a decade of huge deficits could drive our principal payments and interest rates beyond our reach while starving the economy of the capital it needs to grow.

Fortunately, the American economy’s tremendous capacity for growth gives the country one more chance to correct course.

I have has spent my career executing turnarounds in the private sector, the Olympics, and state government. I will bring to Washington the turnaround philosophy it so badly needs.

Any turnaround must begin with clear and realistic goals. Optimistic projections cannot wish a problem away; they can only make it worse. As president, my goal will be to bring federal spending below 20 percent of GDP by the end of my first term:

> Reduced from 24.3 percent last year; in line with the historical trend between 18 and 20 percent.

> Close to the tax revenue generated by the economy when healthy.

> Requires spending cuts of approximately $500 billion per year in 2016 assuming robust economic recovery with 4% annual growth, and reversal of irresponsible Obama-era defense cuts.

Any turnaround must also stop the bleeding and reverse the most recent and dramatic damage:

> Send Congress a bill on Day One that cuts non-security discretionary spending by 5 percent across the board.

> Pass the House Republican budget proposal, rolling back President Obama’s government expansion by capping non-security discretionary spending below 2008 levels.

Most importantly, any turnaround must have a thoughtful, structured approach to achieving its goals. I will attack the bloated budget from three angles:

> Repeal Obamacare - Savings: $95 billion.

> Privatize Amtrak - Savings: $1.6 billion.

> Reduce subsidies for the National Endowments for the Arts and Humanities, the Corporation for Public Broadcasting, and the Legal Services Corp. - Savings: $600 million.

> Eliminate Title X family planning funding - Savings: $300 million.

> Reduce foreign aid - Savings: $100 million.

Empower states to innovate. Savings: $100 billion.

> Block grants have huge potential to generate both superior results and cost savings by establishing local control and promoting innovation in areas such as Medicaid and worker retraining.

Medicaid spending should be capped and increased each year by CPI + 1%.

Department of Labor retraining spending should be capped and will increase in future years. These funds should then be given to the states to spend on their own residents. States will be free from Washington micromanagement, allowing them to develop innovative approaches that improve quality and reduce cost.

Improve efficiency and effectiveness. Where the federal government should act, it must do a better job.

> Reduce waste and fraud - Savings: $60 billion.

> Align federal employee compensation with the private sector - Savings: $47 billion.

> Repeal the Davis-Bacon Act - Savings: $11 billion. Davis-Bacon forces the government to pay above-market wages, insulating labor unions from competition and driving up project costs by approximately 10 percent.

> Reduce the federal workforce by 10 percent via attrition - Savings: $4 billion.

> Consolidate agencies and streamline processes to cut costs and improve results in everything from energy permitting to worker retraining to trade negotiation.

> Reduce the budget deficit by restoring full employment, cutting the bloated military budget, and cutting private health insurance waste.

But by the time President Obama and Congress were finished with the Affordable Care Act, we ended up with unprecedented government mandates, tax increases, and a federal intrusion into the marketplace like none we have ever seen.

The result: Higher insurance costs, job-killing regulations, and no evidence that anyone will enjoy improved health care.

Reduced costs and better service are what a free, functional marketplace will provide - if the government stays out of the way.

Health care is no exception. Competition, price transparency, and the innovation that will result from a robust marketplace will accomplish the fundamental goals of affordability and access in ways the government cannot possibly accomplish.

Repeal the Affordable Care Act NOW: Government-run health care simply won’t work. Competition and price transparency WILL work.

> Fewer government mandates and less regulation will allow innovation and competition to make health care more affordable and more accessible to all Americans.

> Removing arbitrary obstacles to interstate competition among health insurance providers will reduce costs.

Allow the states to innovate: Our current Medicare and Medicaid systems are unsustainable and must be reformed.

> In New Mexico, when the state took responsibility for Medicaid, costs were reduced by 25% and services improved. Removing unnecessary federal mandates would have allowed even greater savings.

> Federal assistance for those who cannot afford essential health care should be provided through simple block grants to the states, where innovation will create efficiencies and better care at less cost.

Obamacare is making health care work better for all of us, even if you already have insurance. It puts the health of your family first - ensuring access to free preventive care and protecting consumers from insurance company abuses.

Mitt Romney has promised to repeal all the benefits of Obamacare on “Day One” if he’s elected president.

Ending insurance company abuses: The Affordable Care Act is holding insurance companies accountable, putting an end to the worst abuses, such as capping or dropping your coverage when you get sick.

Mitt Romney would go back to the days when insurance companies made their own rules, and families had fewer choices.

Strengthening Medicare: The Affordable Care Act is helping people with Medicare save on the care they need to stay healthy - from free preventive services to lower costs on prescription drugs and monthly premiums.

Mitt Romney would end guaranteed benefits and turn Medicare into a voucher program, which could cost seniors more than $6,000 more each year.

Putting women in control of their health: I am putting an end to the health insurance company practice of charging women more than men for the same coverage.

Mitt Romney would let employers, insurance companies, and politicians limit women’s health choices.

On my first day in office, I will issue an executive order that paves the way for the federal government to issue Obamacare waivers to all 50 states. I will then work with Congress to repeal the full legislation as quickly as possible.

In place of Obamacare, I will pursue policies that give each state the power to craft a health care reform plan that is best for its own citizens. The federal government’s role will be to help markets work by creating a level playing field for competition.

Restore state leadership and flexibility: I will begin by returning states to their proper place in charge of regulating local insurance markets and caring for the poor, uninsured, and chronically ill. States will have both the incentive and the flexibility to experiment, learn from one another, and craft the approaches best suited to their own citizens.

> Block grant Medicaid and other payments to states.

> Limit federal standards and requirements on both private insurance and Medicaid coverage.

> Ensure flexibility to help the uninsured, including public-private partnerships, exchanges, and subsidies.

> Ensure flexibility to help the chronically ill, including high-risk pools, reinsurance, and risk adjustment.

> Offer innovation grants to explore non-litigation alternatives to dispute resolution.

Promote free markets and fair competition: Competition drives improvements in efficiency and effectiveness, offering consumers higher quality goods and services at lower cost. It can have the same effect in the health care system, if given the chance to work.

> Cap non-economic damages in medical malpractice lawsuits.

> Empower individuals and small businesses to form purchasing pools.

> Prevent discrimination against individuals with pre-existing conditions who maintain continuous coverage.

> Facilitate IT interoperability.

Empower consumer choice: For markets to work, consumers must have the information and the power to make decisions about their own care. Placing the patient at the center of the process will drive quality up and cost down while ensuring that services are designed to provide what Americans actually want.

> End tax discrimination against the individual purchase of insurance.

> Allow consumers to purchase insurance across state lines.

> Unshackle HSAs by allowing funds to be used for insurance premiums.

> Promote "co-insurance" products.

> Promote alternatives to "fee for service".

> Encourage "Consumer Reports"-type ratings of alternative insurance plans.

> Provide complete, affordable, quality health care for every American through an improved Medicare-for-all insurance program.

But today, government has created for itself sweeping powers to monitor the private lives of individuals and otherwise intrude upon our daily activities, our households and our businesses. The extent of the government’s reach today would be unrecognizable to the Founders.

Much of the recent erosion in civil liberties has occurred in the name of national security. But we can - and must - combat threats to our safety while adhering to due process and the rule of law.

Government must be neutral on personal beliefs. We are a nation of many peoples and beliefs. The only way to respect all citizens is to allow each to make personal decisions themselves.

Abortion: Life is precious and must be protected. A woman should be allowed to make her own decisions during pregnancy until the point of viability of a fetus.

Stem cell research: It should only be completed by private laboratories that operate without federal funding.

Same-sex marriage: Government should not impose its values upon marriage. It should allow marriage equality, including gay marriage. It should also protect the rights of religious organizations to follow their beliefs.

Equal pay for equal work: I signed the Lilly Ledbetter Fair Pay Act to help women fight back against pay discrimination. I understand that when women are paid less than men for the same work, it hurts the entire family.

Mitt Romney refused to say whether or not he would have signed the Lilly Ledbetter Fair Pay Act into law, and Paul Ryan voted against it.

Ending health insurance discrimination: I am putting an end to the health insurance company practice of charging women more than men for the same coverage.

Mitt Romney would let employers, insurance companies, and politicians limit women’s health choices.

Women’s health and birth control: Thanks to Obamacare, many insurance plans are beginning to fully cover birth control without co-pays or deductibles as part of women's preventive care - potentially saving women hundreds of dollars every year.

Mitt Romney would repeal Obamacare, and give employers the authority to limit women’s access to common forms of birth control.

Protecting women’s rights: I believe a woman’s health care choices are personal decisions, best made with her doctor - without interference from politicians.

Mitt Romney believes that Roe v. Wade should be overturned, and backed an extreme proposal to outlaw abortions even in the case of incest and rape.

Expanding access to health care: I fought back against Republican attempts to de-fund Planned Parenthood, one of the largest providers of women’s health services, including breast and cervical cancer screenings, and birth control. Under Obamacare, health insurance companies now cover recommended preventive care like mammograms and cancer screenings, and are beginning to cover birth control without co-pays or deductibles.

Mitt Romney would eliminate all federal funding for Planned Parenthood, and roll back all the benefits of health reform.

Gay marriage: I think same-sex couples should be able to get married. It’s no secret that I went through some soul-searching on this issue. But in the end, I believe it's important to treat others the way you would want to be treated. We need to recognize that people are going to have differing views on marriage and those views, even if we disagree strongly, should be respected.

Stem cell research: I signed an executive order in 2009 to reverse former President Bush’s 2001 order that limited research to 21 stem cell lines and imposed a blanket ban on federal funding for embryonic stem cell research.

As a person of faith, I believe we are called to care for each other and work to ease human suffering. I believe we have been given the capacity and will to pursue this research and the humanity and conscience to do so responsibly. It’s a difficult and delicate balance and many thoughtful and decent people are conflicted about or strongly oppose this research. And I understand their concerns, and I believe we must respect their point of view.

But the majority of Americans from across the political spectrum and from all background and beliefs have come to a consensus that we should pursue this research. The potential it offers is great, and with proper guidelines and strict oversight, the perils can be avoided.

But while the nation remains so divided, I believe that the right next step is for the Supreme Court to overturn Roe v. Wade - a case of blatant judicial activism that took a decision that should be left to the people and placed it in the hands of unelected judges. With Roe overturned, states will be empowered through the democratic process to determine their own abortion laws and not have them dictated by judicial mandate.

I support the Hyde Amendment, which broadly bars the use of federal funds for abortions. As president, I will end federal funding for abortion advocates like Planned Parenthood. I will protect the right of health care workers to follow their conscience in their work. And I will nominate judges who know the difference between personal opinion and the law.

Because the good heart of America knows no boundaries, a commitment to protecting life should not stop at the water's edge. Taking innocent life is always wrong and always tragic, wherever it happens. The compassionate instincts of this country should not be silent in the face of injustices like China’s One-Child policy. No one will ever hear me or my vice president tell the Chinese government that “I fully understand” and won’t “second guess” compulsory sterilization and forced abortion.

Americans have a moral duty to uphold the sanctity of life and protect the weakest, most vulnerable, and most innocent among us. As president, I will ensure that American laws reflect America’s values of preserving life at home and abroad.

Stem cell research: Great advancements in science are welcome antidotes to human frailty. The desire to save and strengthen the lives of those we love is noble and good, yet the promise of science does not justify discarding our moral duty to protect human life in its most vulnerable form.

Scientific research and the preservation of human dignity are complementary, and America’s laws must reflect this conviction. Stem cell research is a great scientific frontier, and it must be pursued with respect and care.

When confronted with the issue of stem cell research as governor of Massachusetts, I chose to support life by vetoing a bill that would have allowed the cloning of human embryos. Quite simply, America cannot condone or participate in the creation of human life when the sole purpose of its creation is its sure destruction.

Adult stem cell research and alternative methods to derive pluripotent stem cells, such as altered nuclear transfer and direct reprogramming, are scientific paths that carry much promise and avoid raising ethical concerns. As president, I will focus my energy on laws and policies that promote this kind of research to unlock the medical breakthroughs that our loved ones so desperately need.

Marriage: The values that I learned in my home have enriched my life immeasurably. With my parents’ example before me, I married, had five sons, and now bask in the joy of 18 grandchildren.

Marriage is more than a personally rewarding social custom. It is also critical for the well-being of a civilization. That is why it is so important to preserve traditional marriage - the joining together of one man and one woman.

As president, I will not only appoint an attorney general who will defend the Defense of Marriage Act - a bipartisan law passed by Congress and signed by President Clinton - but I will also champion a federal marriage amendment to the Constitution defining marriage as between one man and one woman.

It provides comprehensive care, so that it's not up to your boss, as the president basically validated by agreeing to relieve businesses where employers objected on religious grounds to the coverage of birth control.

In fact, birth control should not be up to your employer, nor should vaccinations or blood transfusions or any other aspect of healthcare that might be objected to on religious grounds. Healthcare is a human right. We should be providing it now for everyone.

It will also save us trillions of dollars over the coming decade. I would ensure that women have access to “emergency contraception” which generally involves a dose of birth control pills that are taken within a few days of unprotected sex.

Emergency contraception is a safe way to prevent unintended pregnancy. According to the American College of Obstetricians and Gynecologists, emergency contraception can reduce unintended pregnancies by 50%.

Abortion: Abortion should remain legal, but providing birth control, sex education, and social services could help reduce the number of abortions.

Stem cell research: The federal government should allow and fund the exploration of any stem cell regardless of the source.

Gay marriage: We're proud that we were the first gubernatorial campaign in that race [for governor of Massachusetts in 2001] to support same-sex marriage, in the first state to legalize same-sex marriage. I believe we should implement marriage equality nationwide to end discrimination against same-sex couples.

Social Security really needs to be reformed. We should raise the retirement age to 70 or 72. A portion of Social Security ought to be privatized, if not all. We should change the escalator from being based on wage growth to inflation. And there probably needs to be some means testing. It's a Ponzi scheme that's not sustainable.

It's time for Social Security to reflect today's realities without breaking trust with those soon to retire.

Payroll taxes: We need to get rid of payroll taxes.

Look at it from the perspective of employers for a moment. When they want to hire someone, it costs more than just the wage they're paying. They have to pay payroll taxes, including for Social Security and Medicare. That cost is about 10% of the wages they pay an employee. Remove that burden, and employers will be able to hire 10% more people. With an unemployment rate of 10%, why wouldn't we jump at this chance?

The FairTax replaces employment and payroll taxes. I would scrap the entire federal tax system and replace it with the FairTax - a one-time consumption tax, with no more Medicare and unemployment payroll deductions - so we'd replace all federal taxes, abolishing the IRS.

Medicare: I support cutting federal Medicare and Medicaid expenditures by 43% by ending the federal, top-down bureaucracy that controls these programs, including all strings and mandates to states.

Instead, I would block grant the remaining funds to the states to control all aspects of their own Medicaid and Medicare programs, making for 50 laboratories of innovation from which best practices would emerge and eventually be duplicated. I believe the states will innovate, find efficiencies, and provide better service at lower cost.

Commonsense cost savings will place Medicare and Medicaid on a path toward long-term solvency.

Free preventive care: Obamacare strengthened Medicare by making certain preventive services free and adding coverage for an annual wellness visit. Last year, three quarters of people with Medicare got a free service.

Mitt Romney would repeal Obamacare and force seniors to once again pay expensive co-pays and deductibles for preventive care.

Closing the Medicare doughnut hole: The prescription drug coverage gap - the doughnut hole - is being closed. Seniors who fall in the doughnut hole are already saving an average of $600, and the doughnut hole will be closed for good in 2020.

Mitt Romney would re-open the doughnut hole and leave seniors on their own for hundreds of dollars in drug costs every year.

Improving Medicare solvency: My health care law added eight years to the solvency of Medicare by getting rid of $716 billion in waste, fraud, and needless spending - including $156 billion in wasteful subsidies to insurance companies.

Mitt Romney would end Medicare as we know it. Instead of their guaranteed benefits, new retirees would get a voucher that they would have to use to buy coverage, which could increase costs by more than $6,000 per year.

Protecting Social Security benefits: I am committed to protecting and strengthening Social Security for future generations, without putting current retirees at risk. I won’t accept reform that slashes benefits for future generations or turns Social Security over to Wall Street.

Mitt Romney’s plan for Social Security would mean deep benefit cuts of up to 40% for some current workers. His running mate Paul Ryan was the author of a plan that would have privatized Social Security, subjecting it to the ups and downs of the stock market and the whims of Wall Street traders.

Helping families save for retirement: The worst financial crisis since the Great Depression claimed the retirement savings of millions of Americans. After I took swift action to stabilize the financial system and pass sweeping Wall Street reform, retirement balances are 35% higher than they were in 2008.

Mitt Romney would roll back Wall Street reform and let Wall Street write its own rules again, increasing the risk of another crisis and eliminating protections for consumers against unfair and abusive financial practices.

I have laid out the approach I would take to modernizing America’s entitlement programs, guaranteeing their continued vitality for future generations. My proposals will not raise taxes and will not affect today’s seniors or those nearing retirement.

Social Security: I propose that Social Security be adjusted in a couple of commonsense ways that will put it on the path of solvency and ensure that it is preserved for future generations.

> First, for future generations of seniors, I believe that the retirement age should be slowly increased to account for increases in longevity.

> Second, for future generations of seniors, I believe that benefits should continue to grow, but that the growth rate should be lower for those with higher incomes.

With just those two simple steps, and no change in benefits for those at or near retirement, America can guarantee the preservation of the Social Security system for the foreseeable future.

I am committed to saving Social Security. I will ensure that America honors all of its commitments to today’s seniors and strengthens the program so that it is financially secure for future generations.

Medicare: President Obama has enacted cuts to Medicare and put in place a bureaucratic board that one day may ration the care available through the program.

I propose that tomorrow’s Medicare should give beneficiaries a generous defined contribution, or "premium support," and allow them to choose between private plans and traditional Medicare.

My plan honors commitments to current seniors while giving the next generation an improved program that offers the freedom to choose what their coverage under Medicare should look like.

Instead of paying providers directly for medical services, the government’s role will be to help future seniors pay for an insurance option that provides coverage at least as good as today’s Medicare, and to offer traditional Medicare as one of the insurance options that seniors can choose.

With insurers competing against each other to provide the best value to customers, efficiency and quality will improve and costs will decline. Seniors will be allowed to keep the savings from less expensive options or choose to pay more for costlier plans.

The key elements of my plan:

> Nothing changes for current seniors or those nearing retirement.

> Medicare is reformed as a premium support system, meaning that existing spending is repackaged as a fixed-amount benefit to each senior that he or she can use to purchase an insurance plan.

> All insurance plans must offer coverage at least comparable to what Medicare provides today.

> If seniors choose more expensive plans, they will have to pay the difference between the support amount and the premium price; if they choose less expensive plans, they can use any leftover support to pay other medical expenses like co-pays and deductibles.

> “Traditional” fee-for-service Medicare will be offered by the government as an insurance plan, meaning that seniors can purchase that form of coverage if they prefer it; however, if it costs the government more to provide that service than it costs private plans to offer their versions, then the premiums charged by the government will have to be higher and seniors will have to pay the difference to enroll in the traditional Medicare option.

> Lower income seniors will receive more generous support to ensure that they can afford coverage; wealthier seniors will receive less support.

> Competition among plans to provide high quality service while charging low premiums will hold costs down while also improving the quality of coverage enjoyed by seniors.

It's critical to elders - their resources are being drained. Debt among elders is skyrocketing. We can hardly afford to trim back Social Security as would happen in a privatized system.

We would challenge the very notion that Social Security is in crisis mode, warranting messing with its foundations. It's not in crisis at all.

Both President Obama and Romney-Ryan are aiming for essentially for the same target: for Social Security to be about 5% of GDP some years down the line, whether it's four or eight years. Obama is already calling for some cuts, basically to the cost-of-living reimbursements.

So heads up about what is going to happen after the election. You will see the walk differ from the talk.

We can fix this. For Social Security, we simply need to raise the cap on Social Security. It will be perfectly solvent when the rich are paying their fair share.

Medicare: Both Obama and Romney-Ryan are aiming for Medicare to be reduced to about 2.2% of GDP. That's a sign that things are not really different between these two corporate-sponsored candidates. They're both proposing about $700 billion in Medicare cuts.

We can fix this. One thing we can do right now is to fix Medicare Part D so that it's no longer a boondoggle, a giveaway for pharmaceutical companies, and to allow bargaining and negotiation to get bulk purchasing and bring down the cost.

My administration will honor the right to quality health care through an improved Medicare for All program. This will provide comprehensive care for all. It will be free to consumers at the point of delivery, but will save money overall by reducing the massive wasteful health insurance bureaucracy and by stabilizing medical inflation.

And it restores freedom of choice so you pick your health care provider, and your care is decided by you and your provider - not by a profiteering insurance executive.

I will pay for it by reducing the 30% waste of healthcare spent on CEO salaries and wasteful bureaucracy. Streamline that and you have $400 billion in savings every year, and you can provide quality comprehensive healthcare for everyone. Add to that doing away with medical inflation, which is the biggest driver of rising healthcare cost.

According to some economists, we could do away with the national debt simply by moving to a cost-effective healthcare system. There are trillions to be saved over the next decade by moving to a streamlined administrative system such as Medicare-For-All.

As the former governor of a southern border state, I know fences and walls do not keep out illegal immigrants. Real border security means knowing who is coming here and why.

With workable employer verification systems, smarter border enforcement, and common sense, a national problem can be turned into a national benefit. The US must adopt two approaches:

Simplify legal immigration: Legal immigration strengthens America’s economy and the social fabric. It will also strengthen our relationship with our southern neighbor Mexico.

> It should be easier for a potential immigrant to get a work visa. Potential immigrants should pass a background check, and then be issued a Social Security card, which would allow them to pay income, payroll, and all other taxes workers pay.

> There should be a two-year grace period for illegal immigrants to attain work visas so they can continue contributing to America and begin taking part in American society openly.

> Immigrants with temporary work visas should have access to the normal procedures for gaining permanent status and citizenship, and should be able to bring their families to the US after demonstrating ability to support them financially.

Tackle illegal immigration: Real border security means knowing who is coming here and why.

> Legalizing marijuana will reduce border violence and illegal immigration significantly, decreasing the US-Mexican drug trade by 70 percent. Without a monopoly on the marijuana trade, Mexican drug cartels will have vastly diminished incentives to violate US law and risk capture.

> Streamline the legal immigration process to reduce illegal immigration and allow the US to know who enters the country and for what reasons.

> Enforce a "one strike, you're out" rule for immigrants who circumvent the streamlined work visa process.

Pushing for the DREAM Act: I refuse to give up on the DREAM Act. I believe that young people, who were brought here through no fault of their own, should be able to earn citizenship through military service or the pursuit of a higher education.

Mitt Romney has promised to veto the DREAM Act as president.

Lifting the shadow of deportation from hardworking young people: Using its authority under existing law, my administration took action to lift the shadow of deportation from young people who came to the United States as children through no fault of their own, so they can pursue their education or apply for work authorization.

Mitt Romney has refused to say whether he supports my administration’s effort to lift the threat of deportation from these hardworking young people.

Promising to work toward comprehensive immigration reform: Since the beginning of my time in office, I have worked to build a consensus for Congress to pass comprehensive immigration reform. I plan to continue my efforts to work with Congress to pass a bipartisan immigration reform, and have promised to make it a priority of my second term as president.

Mitt Romney is the most extreme nominee in modern history on immigration issues.

Focusing enforcement resources on those who endanger our communities: My administration is focusing immigration enforcement efforts on those who endanger our communities, and is de-emphasizing low-priority cases like students, veterans, seniors, and military families.

Mitt Romney wants all undocumented immigrants to “self-deport,” and he supported the extreme Arizona immigration law, parts of which were struck down by the Supreme Court.

Helping families stay together: I understand the challenges that immigrants face. That’s why I proposed a new rule to keep families together by allowing undocumented spouses and children of US citizens to stay in the country while they begin the legal immigration process.

Mitt Romney has said he would encourage the inhumane practice of “self-deportation” for the 11 million undocumented immigrants in America.

Attract more highly skilled immigrants: To ensure that America continues to lead the world in innovation and economic dynamism, my administration would press for an immigration policy designed to maximize America’s economic potential.

Foreign-born residents with advanced degrees start companies, create jobs, and drive innovation at a high rate. While lawful immigrants comprise about 8 percent of the population, immigrants start 16 percent of our top-performing, high-technology companies, hold the position of CEO or lead engineer in 25 percent of high-tech firms, and produce over 25 percent of all patent applications filed from the United States.

> The United States is projected to face a shortage of 230,000 science and technology workers by 2018. At the same time, we have set the caps on high-skill visas so low that, for some countries, an entire year’s quota has been filled in an hour. I will ask Congress to raise the caps on visas for highly skilled immigrants.

> Many country caps - or limits on immigrants from specific countries - are so low that America is losing some of the best and brightest to our international competitors. I will work with Congress to raise the country caps.

> Every foreign student who obtains an advanced degree in math, science, or engineering at a US university should be granted permanent residency.

> As president, I will make the system for bringing in temporary agricultural workers and other seasonal workers functional for both employers and immigrants. We should get rid of unnecessary requirements that delay issuance of a visa, and we should speed the processing of applications.

> I will work with Congress, states, and employers to properly set the cap on non-agricultural temporary worker visas. Many tourist-oriented businesses in the United States rely on these workers and would have to cut back or cease operations if there are not enough visas.

Secure the borders: According to the non-partisan Government Accountability Office, Border Patrol lacks control of over half of our southwest border. And some estimates indicate that over 40% of illegal immigrants in America entered the country legally, but then overstayed their visas.

> I will complete a high-tech fence to enhance border security.

> I will ensure that we have the officers on the ground we need to gain control of the border.

> I will work to develop an efficient, effective system of exit verification to ensure people do not overstay their visas.

Discourage illegal immigration: I will develop an effective, mandatory employment verification system that will enable employers to be sure that those they hire are eligible to work. This will discourage illegal immigrants from coming to America to seek jobs.

> I oppose all “magnets” that entice illegal immigrants to come to our country. As governor, I vetoed in-state tuition benefits for illegal immigrants and opposed driver’s licenses for illegal immigrants.

> As president, I will foster a legal immigration system that works. This will offer an alternative to those who would otherwise enter illegally. For instance, reforming our current temporary worker program will offer employers who need such staff a legal option to find employees.

Enforce the law: I believe in the rule of law and will fully enforce federal immigration law. As governor, I authorized state police to assist the federal government in immigration enforcement.

Cut red tape that is keeping immediate families apart: As president, I will ensure that husbands, wives, and their minor children are brought together on a timely basis.

> I will speed the processing of applications by eliminating the red tape that is keeping immediate families apart.

> I will work with Congress to give legal permanent residents the same priority as citizens when applying to bring husbands, wives, and minor children to the United States.

> I will reallocate green cards to family of citizens and legal permanent residents.

Military service: I believe that young illegal immigrants who were brought to the United States as children should have the chance to become permanent residents, and eventually citizens, by serving honorably in the United States military.

Respect the rule of law: I oppose amnesty because I believe that it acts as a magnet encouraging illegal immigration. The last amnesty law passed in 1986 granted legal status to 2.7 million illegal immigrants. In the decades since, the illegal immigrant population has quadrupled.

I believe that an amnesty should not be permitted to happen again. Illegal immigrants who apply for legal status should not be given any advantage over those who are following the law and waiting their turn. I absolutely oppose any policy that would allow illegal immigrants to “cut in line.”

> Grant undocumented immigrants who are already residing and working in the United States a legal status which includes the chance to become US citizens.

However, building schools, roads, and hospitals in other countries are not among those basic obligations. Yet that is exactly what we have been doing for much of the past 10 years.

Given trillion-dollar deficits, America simply cannot afford to be engaged in foreign policy programs that are not clearly protecting US interests. There is nation-building and rebuilding to be done right here at home.

Our military should remain the most potent force for good on Earth. To do this, we should resort to military action as the last option and only as provided in the Constitution.

Bring the troops home: American military activities in Afghanistan should end, our troops returned home, and the focus of our foreign policy re-oriented toward the protection of US citizens and interests.

> With Osama bin Laden now killed and after 10 years of fighting, US forces should leave Afghanistan's challenges to the Afghan people.

> Decades after the collapse of the Soviet Union, American troops remain scattered throughout Europe. It is time to re-evaluate these deployments.

> The US must make better use of strategic alliances which allow greater sharing of the human and financial burdens at less cost of protecting national interests.

Lead by example: America can achieve our foreign policy goals without sacrificing American values.

> No criminal or terrorist suspect captured by the US should be subject to physical or psychological torture.

> Individuals incarcerated unjustly by the US should have the ability to seek compensation through the courts.

> Individuals detained by the US, whether it be at Guantanamo Bay or elsewhere, must be given due process via the courts or military tribunals, and must not be held indefinitely without regard to those fundamental processes.

Ending the war in Iraq: I kept my promise to end the war in Iraq and bring our troops home.

Mitt Romney called the decision to bring our troops home from Iraq “tragic.”

Bringing our troops home from Afghanistan: I am drawing down our troops in Afghanistan as we transition security responsibility to the Afghan people, and am on track to responsibly end the war there in 2014.

Mitt Romney has no plan to withdraw our troops from Afghanistan.

A severely weakened al Qaeda: I made the bold decision to order a raid on Osama bin Laden’s compound in Pakistan, eliminating the man responsible for the 9/11 attacks and the only leader al Qaeda had ever known.

Mitt Romney once said, “It’s not worth moving heaven and earth spending billions of dollars just trying to catch one person.”

Making progress toward a world without nuclear weapons: In 2010, I announced an international effort to secure all vulnerable nuclear materials in four years, and have worked to prevent the proliferation of nuclear weapons in Iran and North Korea.

Mitt Romney has made reckless, unfounded claims but has outlined no detailed policies for these issues.

Restoring America’s standing around the world: I have strengthened our alliances around the world with friends like Israel, our NATO allies, and our partners in Asia and Latin America. And I have brought together international coalitions to confront shared challenges, such as Iran’s nuclear program.

On a foreign trip, Mitt Romney insulted one of our closest allies - the British - right before their Olympics. And he’s spent months on the campaign trail criticizing our allies and partners around the world.

Afghanistan: I will never make national-security decisions based upon electoral politics.

Upon taking office, I will review our transition to the Afghan military by holding discussions with our commanders in the field. I will order a full inter-agency assessment of our military and assistance presence in Afghanistan to determine the level required to secure our gains and to train Afghan forces to the point where they can protect the sovereignty of Afghanistan from the tyranny of the Taliban.

Withdrawal of US forces from Afghanistan under my administration will be based on conditions on the ground as assessed by our military commanders with the goal of completing the transition of combat operations to the Afghan army by the end of 2014.

Iran: I believe that it is unacceptable for Iran to possess nuclear weapons capability.

Should Iran obtain such capability, the entire geostrategic landscape of the Middle East would tilt in favor of the ayatollahs. A nuclear-capable Iran will pose an existential threat to Israel, whose security is a vital US national interest.

As Iran’s ballistic missile capacity improves, it will endanger Europe and eventually the continental United States. It will provoke an arms race in which the Arab nations themselves forge ahead with nuclear programs of their own.

The result will be a nightmarish cascade of nuclear tensions in the worst’s most volatile region. Iran’s sponsorship of international terrorism would take on a new and terrifying dimension.

As president, my strategy will be to end Iran’s pursuit of nuclear weapons capability, eliminate the threat of Iranian-backed nuclear terrorism against the United States and our allies, and prevent nuclear proliferation across the Middle East.

Israel: Israel is the United States’ closest ally in the Middle East and a beacon of democracy and freedom in the region.

The tumult in the Middle East has heightened Israel’s security problems. Indeed, this is an especially dangerous moment for the Jewish state. It has deteriorating relationships with Turkey and Egypt. It faces longstanding dangers from Hamas in Gaza, Hezbollah in Lebanon, a violent and highly unstable Syria, and a nuclear-aspiring Iran whose leadership is openly calling for Israel’s annihilation.

To ensure Israel’s security, I will work closely with Israel to maintain its strategic military edge. The United States will work intensively with Turkey and Egypt to shore up the now fraying relationships with Israel that have underpinned peace in the Middle East for decades. The United States must forcefully resist the emergence of anti-Israel policies in Turkey and Egypt, and work to make clear that their interests are not served by isolating Israel.

With regard to the Israeli-Palestinian conflict, my policy will differ sharply from President Obama’s. As president, I will recommit America to the goal of a democratic, prosperous Palestinian state living side by side in peace and security with the Jewish state of Israel.

I will reject any measure that would frustrate direct negotiations between Israel and the Palestinians. I will make clear to the Palestinians that the unilateral attempt to decide issues that are designated for final negotiations by the Oslo Accords is unacceptable.

The United States will reduce assistance to the Palestinians if they continue to pursue United Nations recognition or form a unity government that includes Hamas, a terrorist group dedicated to Israel’s destruction.

The United States needs a president who will not be a fair-weather friend of Israel. The United States must work as a country to resist the worldwide campaign to de-legitimize Israel. We must fight against that campaign in every forum and label it the anti-Semitic poison that it is. Israel’s existence as a Jewish state is not up for debate.

> Cut the bloated Pentagon budget by 50%.

The government should simply stay out of the business of trying to promote or "manage" energy development.

The marketplace will meet our energy needs in the most economical and efficient manner possible - if government will stay out of the way.

Stop picking winners and losers in the energy business: Government subsidies and incentives for specific energy resources don't work.

> Cap and Trade schemes, tax subsidies, and government efforts to steer us to one energy source over another are inherently inefficient, disrupt the market, and ultimately impose costs we cannot afford.

> Nowhere in the Constitution is the government given the power to manipulate our behavior as consumers or producers of energy.

An unprecedented boom in domestic production has led to cheaper natural gas, and I will take every possible action to safely develop this abundant source of American energy to support more than 600,000 jobs by the end of the decade.

US oil production is at a 14-year high and we are less reliant on foreign oil than at any time in the last 20 years.

I have charted a course to cut net oil imports in half between 2008 and 2020, lowering imports by 5.5 million barrels per day and reducing our reliance on foreign oil to its lowest level in almost three decades.

By developing all of our resources, we can create jobs and make America more energy independent.

An all-of-the-above approach to energy independence: I have a real strategy to take control of our energy future and finally reduce our dependence on foreign oil - an all-of-the-above approach to developing all our energy resources.

Mitt Romney wants to cut investments in alternative energy, and double-down on Big Oil.

Saving Americans money at the pump: I am doubling fuel efficiency standards, which will save consumers more than $8,000 at the pump, create jobs in the American automobile industry, and save 12 billion barrels of oil.

Mitt Romney opposed new fuel efficiency standards, and would rather subsidize Big Oil with $4 billion a year in taxpayer money.

Increasing natural gas production at home: Under my administration, the United States has become a world leader in natural gas, and production is at an all-time high.

I am promoting the safe, responsible development of our near 100-year supply of natural gas, which could support more than 600,000 new jobs by the end of the decade.

Mitt Romney would roll back protections that keep communities safe from pollution.

Increasing oil production: Under my administration, we are producing more oil than we have in 14 years.

I am helping expand domestic oil production by offering millions of acres of land for development - including opening up 75% of our oil and gas resources in the Gulf and Arctic - and am improving safety measures to prevent future spills.

Mitt Romney’s energy plan was written by Big Oil for Big Oil, and it wouldn't make us more energy secure.

Instead, it would open up sensitive lands and coasts to drilling, without proper safety and environmental safeguards in place.

Increasing production of wind and solar energy: Since I took office, electricity generated from clean energy sources like wind and solar has doubled, and my investments in clean energy and energy efficiency have supported nearly a quarter million jobs.

Mitt Romney would roll back progress in the clean energy economy, which could cede tens of thousands of jobs to China and other overseas competitors.

Paving the way for clean coal: I have made one of the most significant federal investments in clean coal technology in history.

My administration has attracted more than $10 billion in private investments, and in 2011, employment in the coal sector hit its highest level since 1996.

Mitt Romney will slash investments in clean energy, which could risk the future of clean coal.

I will make America an energy superpower, rapidly and responsibly increasing our own production and partnering with our allies Canada and Mexico to achieve energy independence on this continent by 2020.

This will require genuine support for increased energy production, a more rational approach to regulation, and a government that facilitates private-sector-led development of new energy technologies by focusing on funding research and removing barriers, rather than chasing fads and picking winners and losers.

Empower states to control onshore energy development: States will be empowered to control all forms of energy production on all lands within their borders, excluding only those that are specifically designated off-limits. Federal agencies will certify, but the states will lead.

Open offshore areas for energy development: I will establish the most robust five-year offshore lease plan in history, that opens new areas for resource development - including off the coasts of Virginia and the Carolinas - and sets minimum production targets to increase accountability.

Pursue a North American Energy Partnership: I will approve the Keystone XL pipeline, establish a new regional agreement to facilitate cross-border energy investment, promote and expand regulatory cooperation with Canada and Mexico, and institute fast-track regulatory approval processes for cross-border pipelines and other infrastructure.

Ensure accurate assessment of energy resources: Instead of relying on decades-old surveys developed with decades-old technologies, my plan facilitates new energy assessments to determine the true extent of our resource endowment.

Restore transparency and fairness to permitting and regulation: I will pursue measured reforms of our environmental laws and regulations to strengthen environmental protection without destroying jobs or paralyzing industries. My plan will also streamline the gauntlet of reviews, processes, administrative procedures, and lawsuits that mire so many new projects in red tape.

Facilitate private-sector-led development of new energy technologies: I will promote innovation by focusing the federal government on the job it does best - research and development - and will eliminate any barriers that might prevent new energy technologies from succeeding on their own merits. Strengthening and streamlining regulations and permitting processes will benefit the development of both traditional and alternative energy sources, and encourage the use of a diverse range of fuels including natural gas in transportation.

My plan has wide-ranging benefits for America:

> More than 3 million new jobs, including more than 1 million in manufacturing.

> An economic resurgence adding more than $500 billion to GDP.

> A stronger dollar and a reduced trade deficit.

> More than $1 trillion in revenue for federal, state, and local governments.

> Lower energy prices for job creators and middle-class families.

> National security strengthened by freedom from dependence on foreign energy supplies.

> Create a binding international treaty to reduce atmospheric carbon dioxide to levels deemed safe by scientific analysis to reduce global warming.

> Phase out coal power plants to end their unacceptable harm to the climate, health and the economy.

> End mountaintop removal in Appalachia.

> Redirect research funds from fossil fuels and other dead-end industries toward research in renewable energy and conservation

 > Build a nationwide smart-electricity grid that can pool and store power from a diversity of renewable sources, giving the nation clean, democratically-controlled, terrorist-proof energy.

> Phase out nuclear power and end nuclear subsidies.

> Stop hydrofracking to prevent devastating pollution of groundwater, destruction of roads from the transport of millions of tons of toxic water, and the threats of earthquakes recently determined to be caused by drilling and disposal of fracking water in seismically unstable regions.

> End federal subsidies for "clean coal" - an expensive, carbon-intensive, unproven technology promoted by the coal industry public relations campaign.

> Halt all drilling that poses a threat to public lands or water resources.

> Halt the Keystone XL pipeline and bring the tar sand oils under a comprehensive climate protection treaty.

We can either choose to continue down the path of higher costs, poorer results, and top-down thinking, or challenge the status quo by using what actually works rather than what we wish would work.

The problem is public education in America is now doing less with more. This is unsustainable for our pocketbooks and, most importantly, unfair to our children.

Now, imagine an educational system that not only educates students better, but also does it for less money every year. It would give each American child the opportunity to choose an individualized education to realize his or her dreams.

Give education back to parents and teachers: Local control means that we all win.

> All parents should have an opportunity to choose which school their children attend.

> Putting educational funds in the hands of the people who use them gives parents and students a vote as to which schools are best and which need to improve.

> Our children deserve the chance to succeed educationally, but the same old way of thinking won't cut it.

It's time to free individuals and states from burdensome federal mandates and regulations so they can pursue the right educational strategies for their students.

End the Department of Education: Although it may sound drastic, there are practical reasons why it should be considered.

> The Department of Education grants each state 11 cents out of every dollar it spends on education. Unfortunately, every dollar of this money comes with 16 cents of strings attached.

States that accept federal funding lose five cents for every dollar spent on education to pay for federal mandates and regulations, taking millions of dollars out of the classroom.

> Schools should have the authority to decide how best to spend educational dollars.

Without federal regulations and mandates, schools could choose to purchase new computers, better lab equipment, and maintain after-school sports and music programs even during times of tight budgets.

> Once citizens and their local representatives have the freedom to decide how their educational funds will be spent, they can consider innovations that will drive student choice, educational competition, and better results.

Giving everyone a shot at an education: By doubling funding for Pell Grants and establishing a college tax credit, I am putting higher education within reach for millions more Americans.

Mitt Romney’s plan to cut middle-class investments could slash Pell Grants for nearly 9.6 million students, and he would eliminate my college tax credit.

His suggestion to students worried about paying for college is to "shop around."

Rewarding responsible students: I successfully fought to prevent federal student loan interest rates from doubling for more than 7 million students, and capped federal student loan repayments at 10% of income.

This means responsible students and their families can make decisions about the future based on career goals rather than the price of tuition.

Mitt Romney would roll back my student loan reform - reforms that have saved over $60 billion and allowed investments in Pell Grants, community colleges, and deficit reduction.

He said that students who were unable to afford college or start a business should just "borrow money from your parents."

Keeping good teachers in the classroom: I know that a good teacher can change a student’s life - that’s why I have supported the jobs of thousands of educators and am calling for incentives to keep the best ones in the classroom.

Mitt Romney opposes efforts to reduce class sizes, and says that we should "cut back" on teachers.

Using local solutions to improve schools: I understand that education is not a top-down, one-size-fits-all issue - that’s why I have given states the flexibility to create their own ambitious plans for reform, relieving them of restrictive No Child Left Behind mandates.

Mitt Romney would abandon the bipartisan national commitment to turn around failing schools.

Providing pathways to good jobs: I am investing in community colleges to provide education and career-training programs, ensuring that everyone who works hard can get ahead.

In his first year as governor, Mitt Romney cut funding for community colleges in Massachusetts by 17%.

By 2006, tuition in Massachusetts was 59% higher than the national average.

Partnering with states to raise standards: I implemented the Race to the Top initiative, which has already helped spur 46 states to raise standards by rewarding innovation and positive reforms in local schools.

Mitt Romney plans to expand private-school vouchers, which have been tried and studied for decades, but fail to raise student achievement.

Ensuring a good future for our veterans: I am committed to ensuring that veterans and service members can get a college education and find work when they return from service – that’s why I implemented and expanded the post-9/11 G.I. Bill, which has helped more than 800,000 veterans and their families pursue an education.

Mitt Romney would slash domestic investments so drastically that, if cuts are applied across the board, funding for Veterans Affairs would have to be cut by 19%, or $11 billion a year.

I will take the unprecedented step of tying federal funds directly to dramatic reforms that expand parental choice, invest in innovation, and reward teachers for their results instead of their tenure.

These policies will equip state leaders to achieve the change that can only come from commitment and action at the local level.

I will also ensure that students have diverse and affordable options for higher education to give them the skills they need to succeed after graduation and that, when they graduate, they can find jobs that provide a rewarding return on their educational investment.

K-12 - Promoting choice and innovation: Giving students trapped in bad schools a genuine alternative requires four things:

1) such alternatives must exist,

2) parents must receive clear information about the performance of their current school and of the alternatives,

3) students must be allowed to move to a new school, and

4) students must bring funding with them so that new schools can afford to serve them.

My reforms achieve each of these objectives:

> Allow low-income and special needs students to choose which school to attend by making Title I and IDEA funds portable.

> Provide incentives for states to increase choices for parents and develop quality alternatives.

> Build on the success of effective charter and digital schools.

> Expand the DC Opportunity Scholarship Program to serve as a model for the nation.

K-12 - Ensuring high standards and responsibility for results: Currently, there is little easily-available data for parents about their children’s schools. My reforms will provide better information for parents through straightforward public report cards and will empower them to hold districts and states responsible for results.

When combined with increased parental choice, this will give parents more control over their children’s education.

> Reform No Child Left Behind by emphasizing transparency and responsibility for results.

K-12 - Recruiting and rewarding great teachers: A school is only as strong as its teachers, but the most promising teachers often find it difficult to reach the classroom door or receive recognition for their efforts once inside.

My reforms smooth the path for talented individuals to join the profession and shape the next generation.

> Attract and reward great teachers through increased flexibility and block grants.

> Eliminate unnecessary certification requirements that discourage new teachers.

Higher ed - A new vision of affordable and applicable learning: America’s traditional community and four-year colleges are the heart of our nation’s higher education system.

However, a flood of federal dollars is driving up tuition and burdening too many young Americans with substantial debt and too few opportunities.

Meanwhile, other models of advanced skills training are becoming ever more important to success in the American economy, and new educational institutions will be required to fill those roles.

My reforms spur the access, affordability, innovation, and transparency needed to address all of these challenges.

> Strengthen and simplify the financial aid system.

> Welcome private sector participation instead of pushing it away.

> Replace burdensome regulation with innovation and competition.

> Provide tuition-free education from kindergarten through college, thus eliminating the student debt crisis.

> Forgive existing student debt.

> Protect our public school systems from privatization.

> End high-stakes testing and stop punishing students and teachers for failures of the system in which they work.

> Stop denying students diplomas based on tests.

> Stop using merit pay to punish teachers.