Romney to go deep in spending cuts

By STEVE PEOPLES | November 4, 2011 | 4:35 AM EDT

Republican presidential candidate former Massachusetts Gov. Mitt Romney shakes hands after a town hall meeting at the Exeter Town Hall , Thursday, Nov. 3, 2011 in Exeter, N.H. (AP Photo/Jim Cole)

EXETER, N.H. (AP) — Mitt Romney is set to release his plan to slash federal spending.

The GOP presidential hopeful and former Massachusetts governor will deliver a speech explaining his proposals Friday before conservative activists at the Washington Convention Center. The tea party-allied group Americans for Prosperity is hosting the event.

Romney has struggled to win over some tea party supporters, and his plan doesn't go as far as presidential rival Ron Paul. Romney says he would cut $500 billion in his first term in the White House.

He wants to make deep cuts to Amtrak, aid to foreign countries and federal arts and broadcasting programs.

Romney also wants to repeal President Barack Obama's health care overhaul, although that's politically difficult and would have reduced savings after erasing other cuts and some tax increases.