Romney says US shouldn't bail out Italy

By the Associated Press | November 9, 2011 | 8:30 PM EST

Republican presidential candidates former House Speaker Newt Gingrich and former Massachusetts Gov. Mitt Romney laugh before a Republican presidential debate at Oakland University in Auburn Hills, Wednesday, Nov. 9, 2011. (AP Photo/Paul Sancya)

ROCHESTER, Mich. (AP) — Republican Mitt Romney says if the U.S. does not get serious about reducing its spending and dealing with its debt, it will be in the same position as Italy in four to five years.

Republican presidential hopefuls were asked if the United States should join in a bailout of Italy. Europe's third-largest economy is dealing with massive government debt.

Romney says there will be an effort to draw the U.S. in, but the nation needs to focus on getting its own economy going. He also ruled out federal help for U.S. banks that hold Italian debt.

Businessman Herman Cain says Italy is "beyond the point of no return," and the U.S. needs to revitalize its economy.