David Goldman/AP

Report: Debt would grow under all but one GOP contender

Only Texas Rep. Ron Paul's plans would reduce the national debt, thanks to huge promised spending reductions combined with tax cuts.

The national debt would expand under three of the four GOP presidential candidates, according to an analysis of the candidates' proposals, The Washington Post reported.

The debt would grow by about $4.5 trillion by 2012 under former Pennsylvania senator Rick Santorum and by about $7 trillion under former House speaker Newt Gingrich, reaching a level greater than 100 percent of the nation's economy, according to a report to be released on Thursday by U.S. Budget Watch, a project of the bipartisan Committee for a Responsible Federal Budget.

Former Massachusetts governor Mitt Romney's proposals would pair $1.35 trillion in tax cuts with $1.2 trillion in spending reductions, setting the debt to rise "on a trajectory that closely tracks current policies," The Post reported. But the 20 percent, across-the-board federal income tax cut proposed by Romney on Wednesday could reduce revenues by an additional $3.5 trillion over the next decade, The Post reported.

Only Texas Rep. Ron Paul's plans would reduce the national debt—by about $2 trillion—thanks to huge promised spending cuts he would combine with proposed tax cuts. 

The group plans to analyze Obama’s budget request in a future report.