Romney Calls for Year's Delay on Spending Cuts

Mitt Romney says Congress and the president should delay looming cuts in military and domestic spending for at least one year.

The Republican presidential contender said Friday during a campaign trip to Las Vegas that the cuts would be "terrible," particularly for the military.

Congress approved the cuts as part of a deal to reduce the deficit. They were designed to help lawmakers come up with a better plan. But that didn't happen — so the cuts are scheduled to go into effect next year.

Romney says he wants President Barack Obama and lawmakers to work together to put, in his words, "a year's runway," in place to give the next president time to reform the tax system and ensure the military's needs are met.