Wlady, here’s Cato’s Stephen Slivinski on why Romney received a C:

As Mitt Romney launches his bid for the Republican presidential nomination, his fiscal record as governor should be scrutinized. Romney likes to advance the image of himself as a governor who has fought a liberal Democratic legislature on various fronts. That’s mostly true on spending: he proposed modest increases to the budget and line-item vetoed millions of dollars each year only to have most of those vetoes overridden. But Romney will likely also be eager to push the message that he was a governor who stood by a no-new-taxes pledge. That’s mostly a myth. His first budget included no general tax increases but did include a $500 million increase in various fees. He later proposed $140 in business tax hikes through the closing of “loopholes” in the tax code. He announced in May 2004 that he wanted to cut the top income tax rate from 5.3 to 5 percent, but that was hardly an audacious stand. Voters had already passed a plan to do just that before Romney even took office. In his budget for 2006, he proposed $170 million more in business tax hikes, almost completely neutralizing the proposed income tax cut. If you consider the massive costs to taxpayers that his universal health care plan will inflict once he’s left office, Romney’s tenure is clearly not a triumph of small-government activism.

For those interested, a PDF of the full report is viewable here.