Fmr. Minn. Gov. Tim Pawlenty says Mitt Romney respects private economy and wants better bank regulations, not more

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Today, GOP presidential candidate Mitt Romney is trying to capture some crucial swing state voters in Des Moines, Iowa, where he'll deliver what's being called a major policy speech on spending and the debt.

In the latest New York Times/CBS News poll, Romney is ahead of President Obama, with 46% going to Romney and 43 for President Obama. This is among registered voters nationwide, which is within the poll's margin of error.
On "Starting Point" this morning, the Romney Campaign's national and former Minnesota Governor Tim Pawlenty says Mitt Romney is the best person to handle the struggling economy.
"Look at this race," Pawlenty says. "One of the most important issues is going to be the runaway government spending that reflects an area where President Obama again has broken his promises. He came in early in his administration, said he was going to cut the budget deficit in half, he's nearly tripled it. Currently approximately 40 cents of every dollar the federal government spends they don't have, deficit spending in contrast to Mitt Romney's established record when he was governor of Massachusetts, balancing budgets, reducing spending, increasing employment, reducing unemployment, cutting the state workforce."
    "[Romney] understands and respects the private economy," Pawlenty adds. "That's in stark contrast to President Obama, who has never essentially worked in the private sector, doesn't understand it, doesn't respect it, and his record as president with respect to the growth of the private economy in this country is terrible."
    He also says if Mitt Romney were to deal with the investment problems that led to JPMorgan Chase's $2 billion loss, he would opt to make the current regulations stronger, and not endorse more regulations.
    "Governor Romney has said, look, we don't necessarily need more regulation, but we need more effective or different regulation. He believes people should be held accountable for their decisions in a marketplace. So when you have reckless behavior or stupid behavior, there should be some consequences for that. If you look at the effects of the Volcker Rule and Dodd-Frank, Congress passed it. It's been caught up in the bureaucracy. It's created uncertainty. They still don't even have a deadline for it being finished. There's a great deal of debate about how it might be implied or interpreted. So what they've added is a layer of confusion or uncertainty in the markets," Pawlenty says.
    See more of the interview below.
      Pawlenty: New Obama ad shows hypocrisy
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      Pawlenty: Romney wants better bank rules