WILTON, Iowa - Former Iowa Gov. Terry Branstad launched into a criticism of Gov. Chet Culver on Saturday, accusing him of fiscal mismanagement and floating millions of dollars in debt that will not create long-term, high-value jobs.

Branstad, who resigned as president of Des Moines University a few weeks ago to explore a gubernatorial bid, also defended his conservative credentials in the face of criticism by rivals and some social conservatives.

The four-term Republican governor, who served from 1983 to 1999, was the main attraction at a well-attended fundraiser here for Rep. Jeff Kaufmann,

R-Wilton. About 200 people packed into a tent on the family farm.

Branstad, wearing an Iowa Hawkeyes sweatshirt, said the state is facing dire financial straits because of Culver's overspending and shortsightedness.

"We can learn from the past and avoid the mistakes of the present," Branstad said.

The former governor has not formally announced a candidacy, but he sounded at times Saturday as if he already had made a decision. Answering questions from reporters, he said, "The reason why I'm running is because thousands of Iowans have asked me to use the knowledge and experience I have to straighten out the fiscal problems we're faced with."

Branstad said he dealt effectively with the economic crisis of the 1980s and left the state with a surplus and high employment after 16 years in office. "We did it before, we can do it again and I believe we can do it better."

Andrew Roos, Culver's campaign manager, responded by saying that the state has a AAA bond rating and has been praised by rating agencies. "The governor has a very strong record of fiscal responsibility," he added.

The former governor is just beginning to set out on the campaign trail and faces several potential Republican challengers. Some have taken aim at him for his own budget practices, which were the target of criticism at the time, as well as the expansion of gambling and increases in the state sales tax.

Branstad said Saturday that he'd cut marginal tax rates, as well as sales and property taxes on machinery and equipment. He acknowledged in his remarks that he had signed the sales tax increase, but said it was part of an early 1990s deal to put the state's budget practices in line with Generally Accepted Accounting Principles.

He also defended his conservative credentials.

"I am a conservative. I'm a genuine conservative. I think I've got a conservative record, and, more importantly, I think that I have the knowledge and the experience that we need at this point to meet the challenges the state is facing," he said in an interview.

During his remarks, Branstad called for a public referendum to define marriage. He called the state Supreme Court's decision to legalize same-sex marriage "appalling," and he likened the inability to put the issue on the ballot to a "dictatorship."

Branstad got a warm reception in Wilton. Kaufmann enthusiastically endorsed him, and he appeared to be greeted as an respected elder statesman, a point accentuated when Branstad noted that he had once campaigned as a child for former Gov. Herschel Loveless, who was elected in 1956.

Alan Ostergren, a Republican from Blue Grass, said he is impressed with Branstad's record, but added that it is too early to endorse a candidate. "I think he's going to have to earn it," Ostergren said.