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Republican Presidential candidate Mitt Romney on his energy plan, the economy, appointing a new Fed Chairman and his definition of what's wealthy.
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Republican presidential candidate Mitt Romney unveiling his energy plan this afternoon in New Mexico calling for North America to be energy independent by 20/20.
-- joining us is fox business's senior correspondent Pete -- and exclusive interview with governor Romney beat up.
No that's right actually and we want to point out that the -- video feed is being provided by his campaign -- governor welcome to Fox Business.
I read over your twenty page plan and frankly it looks kind of like a rehash of previous Republican proposals.
On energy what is new in your plan today.
Well I don't redoubled.
-- plans -- put together plans that actually create additional energy resources number one.
We're gonna have the states take responsibility for permitting on federal lands.
States already take responsibility for permitting state lands and on private -- they can do that.
He and ten to thirty days the federal government takes almost a year to get permits out.
We're gonna have the states take the lead even on federal -- course the process we'll have to be approved by the federal government.
Number two we're gonna put together a complete seismic analysis of our energy resources in the country.
This statement the president keeps making that we have only 2% of the oil in the world is simply wrong.
We also we're gonna have to open up our offshore are outer continental shelf drilling.
North -- of the Carolinas as well as Virginia and the gulf can provide additional energy and frankly.
The research is that we can get from Canada from Mexico as well as tight oil here.
Biofuels here on -- that energy and offshore gets North America to energy independence within eight years.
That's something people been talking about for a long time it's something I've committed to doing.
They also talk about approving the Keystone Pipeline immediately.
If you were elected president and after you take office have you.
-- any of the ground work for doing that with the Canadians as your campaign -- you have to have you talked to Canadian prime minister.
Stephen Harper about trying to move quickly on the Keystone Pipeline if you win.
The Canadians are all speed ahead.
The the challenge has -- with with the president and his administration that is not approve the Keystone Pipeline.
The Canadians expected this would happen immediately and that America would welcome.
The -- -- the oil that would come from -- from oilsands.
Instead the president's environmental review process has caused this to be.
Put on hold and the Canadians are thinking of taking their oil to China instead.
The new lemon well you can talk that was you haven't talked to the Canadians are to governor to a prime minister harper about it you're not not.
I'm not I'm not I'm not president yet but I'm looking forward to being president and I can assure you that if I'm president.
Will overcome the obstacles that exist here in the United States to make sure that we can get the energy here we need.
Environmental concerns.
That's what the president has been talking about how would your plan.
Increase drilling while protecting the environment which is a big concern to voters after the BP oil spill.
Well there's no question but that states where where people live have to respond to the interest and concerns of people in those states.
States have therefore been doing permitting.
And licensing on state lands and private lands for decades.
The idea that the federal government also wants to step in to provide permitting and licensing and does so in such a slow and laborious matter.
And by the way is oftentimes held up by people who want to stop energy production altogether.
That doesn't make sense that's why wants states to take the lead even on federal lands.
We'll have environmental the purity look the people this country don't wanna have our air and water may dirty.
At the same time they recognize the importance of America becoming energy independent.
-- governor let me ask another question about the economy yesterday the Congressional Budget Office said that unless congress and the president work out some deal on the fiscal cliff.
The economy could to go into a significant recession.
Early next year -- assuming you are elected -- you -- have some influence with Republicans in congress on trying to.
Get a deal what would you push Republicans in congress to do to work out something on the fiscal cliff cut to avoid a recession.
If you are elected to -- maybe during a lame duck for example.
Well the immediately that needs to be -- as the president has as the leader of the nation needs to call together congress and make sure that we do not have the kind of cliff.
That's being described.
The estimates are that as much as.
2% reduction in GDP might occur if we go -- the tax to get -- -- they college that the president has scheduled for the the first of the year.
We should instead put in place say -- a holding period if you will let's say a year or so or at least six months to allow the next president whether it's President Obama or me.
But to put in place a spending plan a tax plan that makes sense that this idea of cutting the Defense Department by some trillion dollars over the coming decade.
As part of this process it is obviously -- -- an amazing at at negative effect on the workers of America.
Likewise raising taxes on middle income families is that the the plan currently calls for.
Is the wrong way to go and the president should take leadership that is what he's president.
To it to work out an arrangement to make sure that we're able to.
Have a runway.
That allows the new president to put in place a more permanent.
And and at appropriate solution.
-- specifically what would you put in that runway what would what would you want to -- -- that runway.
Well what I've indicated that I would keep the status quo in place with regressive tax policy military spending in the like.
And and keep that is part of the the to be going forward runway and that allow the new president to put in place.
His new tax program his new budget.
I have a hard time understanding how it is that we have a law in this country that the that the senate must bring forward a budget every year and it's been three years since they've done so -- I look forward to having a president that will actually lead.
And have budgets and have policies to get America on track to to economic sanity.
I don't ask another question this time about private equity the president has -- you.
Four -- some of -- work at Bain Capital your private equity -- at the Wall Street Journal reported this week that the administration worked with a private equity firm.
The Carlyle group to save a oil refinery in Philadelphia what's your reaction to that.
Well of course the president knows better than to attack Kate major sector of our economy.
A private sector -- at equity is is merely a pension funds and endowments.
Retirement funds and so forth.
Coming together to make investments in American businesses.
And businesses around the world.
As an entity it's a large investor group that looks to get a a fair return to its it's pensioners if you will.
Among others.
And and the president understands this the the attacks on me are are obviously -- I gonna come from all different directions that happens to be one that's a particular poorly aimed.
Let me ask you about Fed Chairman Ben Bernanke while you we have you you've indicated -- would not reappoint him -- to another term when his current term expires in our early 2014 but one of your.
Top economic advisors Glenn Hubbard.
Is suggesting.
Do reappoint him for -- would you consider that.
Well I always listen to people who have counsel and advice but my view has been that I would want to select someone.
Who it was a -- member.
It should be a new person to that chairman.
Chairman's position someone who shared by economic views that.
-- thought was sympathetic to the needs of our of our nation.
And I wanna make sure that the that the Federal Reserve focuses on maintaining.
The monetary stability and that leads to a strong dollar.
And confidence that America's not gonna go down the road that other nations -- that have gone down to their apparel.
-- yesterday we heard from the Fed that it is in fact considering additional stimulus moves additional.
Monetary policy easing perhaps as early as its meeting.
Next month -- would you support that.
You know I don't think QE2 was terribly effective I think -- QE3 another another.
Federal fed stimulus is there's not gonna help this economy I think that's the wrong way to go I think it also seeds.
They -- that kind of potential for for inflation down the road.
That would be harmful to the value of the dollar and the and I think harmful to the stability that that our nation needs.
You.
You suggested didn't want your own person as the head of the Fed would then Glenn Hubbard himself to be a candidate for -- chairman of the Federal Reserve and our.
Romney administration.
You know I haven't considered a single person of this.
Points given no names.
-- thought door or deliberation.
When the time comes to appoint a new Fed Chairman why.
I will I'll give that a full analysis but I I don't have any wanted it took to right into that a -- right now or anyone to write out.
But of course planners say -- gave a wonderful economic advisor Eric Gregg -- -- also from Harvard.
Likewise say an excellent economic advisor at and there are many across the nation who I would want to consider for for any appointment of that magnitude.
We saw some news on the tax reform and the mortgage interest deduction -- from the party Republican Party yesterday as it puts together its platform.
For the convention and you've talked about potentially eliminating the mortgage interest deduction as part of tax reform.
For for wealthier Americans up.
How do you define wealthy Americans there what would be the cut off for you.
You know I haven't described specifically what changes would that would occur with regards to deductions.
Or exemptions for higher income Americans.
And and so I'd bet that I have not said that we would eliminate for instance the home mortgage interest deduction.
But I do note that that four.
For a higher income Americans we're gonna maintain the progressivity of the code I'm I'm not looking for high income people.
To pay a lower share.
Of the the total tax burden in the country the same time.
I'm gonna make sure that middle income families don't pay more in taxes and the middle income families do not pay a higher share of the tax burden in the country.
Those are the that the key elements of my plan.
And and with regards to.
Making sure that's the case there's no particular cut off other than a look at various groups the top 1% the top 5% the top 10% and so forth.
Just a look and see whether whether we have through our plans inadvertently given a a big gap high -- area reduction.
That was on intended to one particular income group in which case we need to take.
Actions to assure that we don't change the progressivity the code -- I'm not looking.
As I know the Obama people want to say.
To reduce taxes for wealthy people.
I'm looking instead to lower tax rates.
And limit deductions and exemptions in such a way that we haven't enterprises small business is able to keep more their capital.
And at the same time simplify the code.
One last question kind of energy related -- tropical storm -- is gaining energy head to -- in the Caribbean.
Are you -- let Isaak -- issue out of Tampa.
I have no comments about -- -- -- talk to the -- people about what happens there.
But the but obviously any plans for Tampa depend upon the airport being open.
Able to receive all the get the delegates said and people like myself -- to get their but I I I feel pretty good that that will be -- -- but we'll have a great convention.
Alright governor Tom Browning thanks for joining us on Fox Business today and -- in -- -- Thanks Peter -- be with you.
