Mitt Romney the Republican presidential candidate says the economy in the U.S. needs more dramatic measures taken to help return from the depths of a deep recession. However, he says the country does not need another stimulus package from the federal government. Romney said he could now make the case for placing dramatic measures, but not for growing the government.

Romney is challenging the incumbent, President Barack Obama for the White House in the November election and said he backs creating opportunities and incentives for small and big business to help increase hiring in the economy.

The former governor of Massachusetts is in favor of lowering corporate and individual tax rates, cutting government spending and opening up more opportunities for energy companies to make the U.S. energy independent before the end of the decade.

He said his economic plan would help create 12 million jobs before his first four year term as president is over. He said that each month the economy should be generating between 200 and 400 thousand jobs at this time.

Obama has bashed Romney’s tax cuts as “fairy dust” claiming a television ad that the Republican would increase his own wealth, while making the middle class pay for it.

The Federal Reserve has maintained its leading interest rates at all time historic lows since late 2008 and helped the economy with stimulus. On Wednesday, the Central Bank announced that growth had slowed but would not commit to another round of quantitative easing.