Money talk dominates race

Romney and Gingrich try to make the most politically of their business dealings.

Associated PressJanuary 25, 2012 

— Mitt Romney and Newt Gingrich's fight for Florida and the states beyond stayed at a high boil Tuesday as Romney released tax returns showing annual income topping $20 million and Gingrich insisted his high-paid consulting work for a mortgage giant that contributed to the housing crisis didn't include lobbying.

After a night of mutual sniping in a debate, the two leading GOP presidential candidates tried to turn the arguments over their various business dealings to their own advantage. Romney's release of two years' worth of tax documents, showing him at an elite level even among the nation's richest 1 percent, kept the focus on the two men's money and how they earned it.

Romney's income put him in the top 0.006 percent of Americans, according to Internal Revenue Service data from 2009, the most recent year available. His net worth has been estimated as high as $250 million.

As the former Massachusetts governor relented to pressure and released more than 500 pages of tax documents, Gingrich kept up the heat, saying Romney was "outrageously dishonest" for accusing him of influence peddling for government-backed mortgage giant Freddie Mac.

"I don't own any Fannie Mae and Freddie Mac stock. He does, so presumably he was getting richer," Gingrich told Fox News on Tuesday.

The specter of well-off Gingrich and wealthier Romney feuding over money matters pleased Rick Santorum, who lags in polls for next Tuesday's Florida primary but hopes to benefit from the dust-up as the race moves on. He told MSNBC: "The other two candidates have some severe flaws."

Striking out in two directions, Romney planned to offer advance criticism of President Barack Obama's Tuesday night State of the Union address, then focus on Florida's housing woes in an event sure to again highlight Gingrich's $25,000 monthly retainer from Freddie Mac.

Gingrich: 'Get over it'

Gingrich, a candidate once left for dead, stood before thousands in a U.S. flag-draped airport hangar in Sarasota brimming with confidence about his chances of winning the GOP nomination. He barely mentioned Romney in two events, though he went hard at Obama as the president prepared for his big speech.

Gingrich said Obama should stop blaming his Republican predecessor for the country's economic woes.

"This is the fourth year of his presidency. He needs to get over it," Gingrich said. "A friend of mine says, 'He has shifted from Yes We Can to Why We Couldn't.' "

Gingrich's campaign also announced it had pulled in $2 million, mostly online, since winning the South Carolina primary on Saturday. Gingrich planned to pad his campaign account with a series of fundraisers this week.

Records released by Romney's campaign show he closed a bank account in Switzerland in 2010, as he was entering the presidential race. He also kept money in the Cayman Islands, another spot popular with investors sheltering their income from U.S. taxes. But Benjamin Ginsberg, the Romney campaign's legal counsel, said Romney didn't use any aggressive tax strategies to help reduce or defer his tax income.

The tax records may silence Gingrich and others who argued that Republican voters should know the details of Romney's wealth before they select their presidential nominee and not after. But it also could open up new lines of attack.

Romney's new aggression

After Gingrich's overwhelming victory in South Carolina, Romney can ill afford to lose Florida's Jan. 31 primary, and he showcased a new aggression from the opening moments of the debate.

He said Gingrich had "resigned in disgrace" from Congress after four years as speaker and then had spent the next 15 years "working as an influence peddler."

In particular, he referred to the contract Gingrich's consulting firm had with Freddie Mac, a government-backed mortgage giant that Romney said "did a lot of bad for a lot of people and you were working there."

Rep. Ron Paul, who's bypassing Florida in favor of smaller, less expensive states, returned to Texas after Monday's debate. Santorum will appeal to the tea party to help revive his candidacy, appearing at two tea party events.

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