WASHINGTON, Feb 14 (Reuters) – Republican presidential candidate Mitt Romney called on the U.S. government on Tuesday to quickly sell its stake in General Motors, a move that could lock in about $14 billion in losses for U.S. taxpayers.

In an opinion piece in The Detroit News, Romney criticized Democratic President Barack Obama’s $81 billion auto bailout in 2009 as “crony capitalism” that rewarded unions and other political allies of the president.

With Michigan’s Feb. 28 presidential primary approaching, Romney is trying to explain why, in 2008, he called for the U.S. government to stand aside as auto companies at the brink of insolvency begged for help.

The industry plays a dominant role in Michigan’s economy, and auto analysts say the government-led reorganization of GM and Chrysler LLC helped saved more than 1 million jobs and led to the rebirth of the two companies.

Obama, who will face the Republican presidential nominee in the Nov. 6 election, is highlighting the industry’s turnaround as a success story in his efforts to create jobs in a devastated economy.

Romney, the son of a former auto executive, says the automakers would have recovered on their own. In his article on Tuesday, the former Massachusetts governor doubled down on his tough-love approach by saying the government should extricate itself from the industry as soon as possible.

“The Obama administration needs to act now to divest itself of its ownership position in GM,” he wrote. “The shares need to be sold in a responsible fashion and the proceeds turned over to the nation’s taxpayers.”

WASHINGTON (Reuters) – President Barack Obama’s budget proposal released on Monday stands little chance of becoming law but it lays out a stark contrast with the tax and spending proposals of Republican presidential candidates.

Following is a summary of Obama’s budget plan, as well as ideas put forward by the four Republicans remaining in the race for their party’s nomination to face Obama in the November 6 election:

PRESIDENT BARACK OBAMA

Obama would raise taxes on the wealthy and boost spending to create jobs. His budget would add well over $6 trillion to the national debt over 10 years.

Households making more than $1 million a year would face a minimum tax rate of 30 percent, and the 2001 and 2003 tax cuts would expire for the highest earners. The administration intends to outline a plan to lower corporate tax rates later this month.

Obama would spend $300 billion in one year on job-creation measures like road construction, teacher salaries and tax breaks to spur hiring.

He would cut military spending by $487 billion over 10 years, and cut $360 billion from the Medicare and Medicaid health programs for the elderly and the poor. He would cut another $278 billion from programs including farm subsidies and federal employee pensions.

WASHINGTON (Reuters) – President Barack Obama’s budget proposal released on Monday stands little chance of becoming law but it lays out a stark contrast with the tax and spending proposals of Republican presidential candidates.

Following is a summary of Obama’s budget plan, as well as ideas put forward by the four Republicans remaining in the race for their party’s nomination to face Obama in the November 6 election:

PRESIDENT BARACK OBAMA

Obama would raise taxes on the wealthy and boost spending to create jobs. His budget would add well over $6 trillion to the national debt over 10 years.

Households making more than $1 million a year would face a minimum tax rate of 30 percent, and the 2001 and 2003 tax cuts would expire for the highest earners. The administration intends to outline a plan to lower corporate tax rates later this month.

Obama would spend $300 billion in one year on job-creation measures like road construction, teacher salaries and tax breaks to spur hiring.

He would cut military spending by $487 billion over 10 years, and cut $360 billion from the Medicare and Medicaid health programs for the elderly and the poor. He would cut another $278 billion from programs including farm subsidies and federal employee pensions.

By Andy Sullivan

(Reuters) – Four years ago, Republican presidential candidate Mitt Romney stood at the gates of a Michigan factory and vowed to fight for the U.S. auto industry as it slid toward collapse.

Now, with Romney desperate for a win in Michigan’s primary on February 28, he will have to explain to voters why later in 2008, he called for the U.S. government to stand aside as auto companies at the brink of insolvency begged for help.

Romney, the son of a former auto executive and Michigan governor, opposed an $81 billion government bailout that ensured the survival of General Motors and Chrysler and that some industry experts say saved 1.3 million jobs.

The former private equity executive, who built a fortune in part by overhauling struggling businesses, has argued that the auto industry would have recovered on its own.

The industry’s unlikely rebound has been a rare feel-good story in Michigan, which is struggling to emerge from the 2007-2009 recession. It has inspired Super Bowl TV ads linking the industry’s turnaround with national pride, and given Democratic President Barack Obama a success story to tout as evidence that his recession-fighting efforts are paying off.

But for Romney, who in 2008 wrote a New York Times opinion piece titled “Let Detroit Go Bankrupt,” the industry’s comeback poses a delicate political question: Whether he can defend his stance on the bailout while deflecting familiar accusations he flip-flops on issues and has little empathy for the struggles of working Americans.

WASHINGTON (Reuters) – Texas billionaire Harold Simmons has vowed to give away at least half of his fortune before he dies. That’s good news for the hospitals, youth centers and ballet companies that benefit from his largesse – not to mention the Republican Party.

The Dallas tycoon, 80, has been among the most aggressive donors to take advantage of new rules that place few limits on how much money wealthy individuals and corporations can contribute to political groups.

Though he has never run for office, Simmons could profoundly shape the course of the 2012 presidential election simply by opening his checkbook. It wouldn’t be the first time – a Simmons-controlled business in 2004 gave $3 million to the group Swift Boat Veterans for Truth, which helped to undermine Democratic presidential nominee John Kerry by attacking his Vietnam War record.

Those familiar with Simmons’s thinking say he is motivated by a self-made businessman’s impatience with government regulation and a practical interest in protecting his holdings.

“He has companies he has built and run over the years that have been tied in knots and red tape,” said John J. Nance, author of “Golden Boy: The Harold Simmons Story.”

Simmons has declined on several occasions to speak to Reuters. He was unreachable for comment on Wednesday.

A pioneer of the leveraged buyout, Simmons is worth roughly $9.6 billion, making him the 33rd richest person in the United States according to Forbes magazine.

WASHINGTON (Reuters) – For Newt Gingrich, February could be the longest month.

Despite Tuesday’s resounding defeat in Florida, the former speaker of the House of Representatives has vowed to battle front-runner Mitt Romney in the Republican presidential race until the party formally nominates a candidate in August.

“We’re going to have people power defeat money power in the next six months,” he said on Tuesday as supporters waved signs that read “46 States to Go.”

First, Gingrich will have to survive the next few weeks.

He faces long odds in Nevada’s February 4 caucuses and several other state nominating contests that follow in the race to determine who will oppose Democratic President Barack Obama in November.

In a candidacy that has been buoyed by televised debates, Gingrich won’t face Romney on stage again until February 22. Fundraising could dry up due to a perceived loss of momentum.

And as the playing field expands from coast to coast, Gingrich’s seat-of-the-pants operation will have to compete with a Romney campaign that has been methodically building a nationwide organization since 2008.

WASHINGTON (Reuters) – For Newt Gingrich, February could be the longest month.

Despite Tuesday’s resounding defeat in Florida, the former speaker of the House of Representatives has vowed to battle front-runner Mitt Romney in the Republican presidential race until the party formally nominates a candidate in August.

“We’re going to have people power defeat money power in the next six months,” he said on Tuesday as supporters waved signs that read “46 States to Go.”

First, Gingrich will have to survive the next few weeks.

He faces long odds in Nevada’s February 4 caucuses and several other state nominating contests that follow in the race to determine who will oppose Democratic President Barack Obama in November.

In a candidacy that has been buoyed by televised debates, Gingrich won’t face Romney on stage again until February 22. Fundraising could dry up due to a perceived loss of momentum.

And as the playing field expands from coast to coast, Gingrich’s seat-of-the-pants operation will have to compete with a Romney campaign that has been methodically building a nationwide organization since 2008.

JACKSONVILLE, Florida (Reuters) – Presidential candidate Mitt Romney has opened up a lead of 8 percentage points over rival Newt Gingrich in a Reuters/Ipsos poll in Florida, as he regains front-runner status in the Republican race.

The online poll released on Friday showed Romney, a former Massachusetts governor and private-equity executive, ahead of Gingrich by 41 percent to 33 percent among likely voters in Florida’s January 31 Republican primary.

It confirms Romney’s recovery in polls, aided by strong debate performances, after a stinging defeat at the South Carolina primary vote last weekend.

Former Pennsylvania Senator Rick Santorum trails with 13 percent and Texas Congressman Ron Paul would get 5 percent of the vote.

“We’ve had a pretty wild ride here throughout this primary process but right now in Florida it looks like Romney’s back on top,” said Chris Jackson, research director for Ipsos Public Affairs.

Other polls in Florida have shown Romney pulling ahead of Gingrich, a former speaker of the House of Representatives.

The Reuters/Ipsos poll was conducted on Thursday and Friday, partially capturing likely voters after the most recent debate in Jacksonville where Romney was seen as a clear winner.

PALM HARBOR, Florida (Reuters) – There’s one small-government idea that Republican presidential candidates are reluctant to discuss in this retiree-heavy state: their plans to rein in health care costs for the elderly.

Newt Gingrich and Mitt Romney, front-runners for the Republican nomination to face Democratic President Barack Obama on November 6, both support reforms to the Medicare government health insurance program for the elderly that could help set federal spending on a sustainable course.

But the idea risks alienating the elderly voters who dominate the party’s nominating process and are happy with the current program.

“The last thing that I would do if I was campaigning in Florida is even hint that something might happen to Medicare,” said Mark Brewer, a political science professor at the University of Maine. “The word wouldn’t even cross my lips.”

In Florida, where the average Republican primary voter is 66 years old, that appears to be the case in the weeks leading up to the state’s primary on Tuesday.

AARP, a senior citizens group that counts 37 million members over the age of 50, has dispatched volunteers to try to get Romney and Gingrich to offer details of their proposed reforms at campaign stops. They’ve had little success.

“Given the age of the primary voter, we’re a little surprised that they haven’t addressed these issues more fully and more directly,” said Nancy LeaMond, the organization’s executive vice president.

JACKSONVILLE, Florida (Reuters) – Republicans presidential candidates have taken a hands-off policy on the U.S. housing crisis. At a debate on Thursday in Florida, it devolved into finger pointing.

A question about the government’s involvement in the mortgage market prompted a fierce exchange between front-runners Mitt Romney and Newt Gingrich about who had closer ties to the troubled housing-finance firms that many conservatives blame for the housing crisis.

The exchange generated lots of heat, but shed little light on what either candidate would actually do to stem foreclosures and prop up falling property values in a state that has been ravaged by the housing crisis since prices started to collapse in 2006.

Romney pointed out that Gingrich had earned $1.6 million in the past decade consulting for one of the companies, Freddie Mac.

“What he was doing was clearly promoting … Freddie Mac to the tune of $1.6 million. That is one of the reasons we’re in the trouble we’re in,” Romney said.

Gingrich pointed out that Romney has profited from investments in Freddie Mac and its sister firm, Fannie Mae.

“Maybe Governor Romney, in the spirit of openness, should tell us how much money he’s made off of how many households that have been foreclosed by his investments,” Gingrich said.