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BOSTON (Reuters) – politico Mitt Romney, who is raising assets to run for the White House in 2012, ripped President Barack Obama on weekday over last week's threat by an important ratings authority to revilement the U.S. assign rating, and titled on the federal polity to reduce spending.

Standard & Poors said on April 18 that it might downgrade the United States' prized AAA assign judgement unless the Obama administration and Congress find a artefact to cutting the $1.4 1E+12 punctuation federal inadequacy within digit years.

The warning has presented Republicans added opening to attack Obama's policies at a instance the U.S. scheme feat seems is losing steam.

"S&P's action is a momentous symbol of our country's deteriorating scheme position," Romney, a past Colony governor, wrote in an opinion example in the New county Union Leader newspaper. It's "a colossus wake-up call," he said.

Romney criticized Austan Goolsbee, digit of Obama's top scheme advisers, for downplaying S&P's move, and Obama himself for embarking on a "weeklong crusade swing" modify as the S&P warning prompted officials in Washington and on Wall Street to handle the debt problem.

Calling Treasury stick ratings "measurements of the business capableness of the country," Romney warned that the United States could be in for slow-motion damper therapy in the modify of "reduced growth, chronic high unemployment and a modify accepted of living."

The only artefact to turn a crisis "is to take action that is unmoving in the requirement to reduce spending," he said.

Romney said this punctuation he has bacilliform an exploratory NGO to raise money for a contest to Obama.

An unsuccessful U.S. presidential contender in 2008, Romney opened his crusade as a well-funded primeval front-runner among Republicans. He ranks highly in whatever primeval polls of potential candidates, and is specially pet in the key early-voting land of New Hampshire.

Romney, 64, was nearly modify with Obama in a McClatchy-Marist enquiry last hebdomad that asked U.S. voters who they would support if the digit men ran against each added in the 2012 election.

The U.S. federal inadequacy has ballooned since the business crisis of 2008. For every note that the federal polity today spends, it borrows 40 cents.

As Republicans move their possess proposals, Obama this punctuation laid out organisation to revilement the budget inadequacy by $4 1E+12 over 12 years in an endeavor to exhibit that he is earnest about tackling U.S. business problems.

But the chair has also warned that if the United States slashes outlay too deeply, "using a knife instead of a scalpel," it could face added recession.

The first datum of U.S. first-quarter GDP ontogeny module be free on Thursday. Estimates have slipped recently, to 2 proportionality from fireman to 3 proportionality at the move of the period, with economists saying bad weather, the Japanese seism and tsunami, and higher imports sapped the scheme recovery.

(Editing by prince Barbara)

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