Romney says Congress should wait to act on economy

Mitt Romney says that if elected Congress should wait until he takes office to block automatic spending cuts and to keep tax cuts from expiring.

In an interview with Time magazine on Wednesday, the Republican presidential candidate said he wants Congress to deal with major issues to keep the U.S. from going over a "fiscal cliff" after the January swearing-in.

Romney said he wants permanent legislation to deal with those problems instead of a temporary effort.

Government analysts say the economy will shrink if Congress doesn't act to prevent the expiration of two major rounds of tax cuts along with automatic spending cuts to the Pentagon and domestic programs.

Romney said believes he'll have a "grace period" to work on those issues with like-minded lawmakers.