Romney: Do I believe that Social Security should take no part in deficit reduction negotiations? Is that the question? And the answer is this: Social Security, Medicare, and Medicaid account for about half of federal spending.
Audience/hecklers: A lie! Not the deficit!
R: Just hold on—I’m not— About half of federal spending. And if we are ultimately, not just this year, but over the coming decades going to balance our budget and not spend more than we take in, we have to make sure that the promises we make in Social Security, Medicaid, and Medicare are promises we can keep. And there are various ways of doing that. One is we could raise taxes on people.
R: Corporations are people, my friend.
A: No they’re not!
R: We could raise taxes on— Of course they are. Everything corporations earn ultimately goes to people. So—where do you think it goes?
A: It goes in their pockets!
R: Whose pockets? Whose pockets? People’s pockets! Human beings’ pockets. So number one, so number one, you could raise taxes. You can raise taxes. That’s not the approach that I would take. Number two, you can make sure that the promises we make are promises that we can keep.