Romney's Tax Proposal Targets Higher Income Earners

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Wiping out the housing department would cut more than $40 billion in federal spending, based on the agency's 2012 budget. About $35 billion of that is currently used to subsidize rental housing for 4.7 million low-income families.

"I'm going to take a lot of departments in Washington, and agencies, and combine them. Some eliminate, but I'm probably not going to lay out just exactly which ones are going to go," Romney reportedly said at the fundraiser. "Things like Housing and Urban Development, which my dad was head of, that might not be around later."

The current candidate's father George Romney was appointed to lead the department in 1965 after losing his presidential bid to Richard Nixon. During his eight-year tenure, Romney Sr. more than tripled the number of government-assisted housing units built each year, from from about 160,000 units in 1968 to more than 400,000 in 1970.

Mitt Romney said Sunday that he would instead "send a lot of what happens in Washington back to the states."

"What I can tell you is, we've got far too many bureaucrats," Romney told his campaign donors.

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