(Editor's Note: Richardson dropped out of the presidential race for the Democratic nomination after finishing fourth place twice, with 2 percent of the delegate in the Iowa caucus and 5 percent of the delegate in the New Hampshire primary. Read an explanation on his campaign Web site.)
As he did for the state of New Mexico while he was governor, Richardson would balance the country's budget and reduce the federal deficit. One of his first acts as governor was to cut the highest-income earner's tax rate. Richardson plans to curb government spending and bring back budget surpluses that characterized the Clinton administration. His plan to cap spending includes implementing a constitutional amendment to balance the budget with "pay-as-you-go" policies. To curb government spending even more, he would eliminate the nearly $30 million that Congress reserves for special project funding and the $70 million that goes toward tax breaks and grants for corporations. Richardson would reverse Bush's tax cuts for the wealthiest Americans and transfer them to the middle class.
YouTube Video: Richardson discusses his proposed tax policy at an Iowa Public Television forum with Democratic presidential candidates.
YouTube Video: Richardson addresses the current federal deficit and how he plans to alleviate it.
YouTube Video: Richardson discusses his tax policy as governor and as a Democratic presidential candidate on CNBC.
— Las Vegas Sun new media intern Jenna Kohler compiled this report.