US elections 2012: Mitt Romney targets Obama in Iowa

Romney added that US spending was putting the country in jeopardy of experiencing similar economic problems as some countries in Europe.

"I'm just not going to keep borrowing and borrowing, and putting America in more and more peril. Recognise that if we stay on the track we're on, this nation is going to hit a Greek-like wall, an Italy-like wall, and there's no one big enough to bail us out. And that will happen, most likely, during this president's next term."