Ron Paul Proposes $1 Trillion in Spending Cuts .......
By Nicholas Kamm, AFP
GOP presidential candidate Ron Paul unveiled plan to slash$1 trillion from the federal budget and cut the president's salary to about$40,000.
The Texas congressman announced his Plan to Restore America,at a news conference in Las Vegas, ahead of Tuesday's presidential debatethere.
Paul, a longtime critic of federal spending not authorizedby the Constitution, calls for eliminating the federal Education, Commerce,Energy, Interior, and Housing and Urban Development Departments.
He also wants to abolish the Transportation Security Agency,end corporate subsidies, plus eliminate all foreign aid and spending on wars inIraq and Afghanistan.
"Ron Paul's plan is the only one that seriouslyaddresses the economic and budgetary problems our nation faces. It cuts $1trillion in one year, and slashes regulations and taxes so our economy can growand create jobs," said Jesse Benton, Paul's campaign chairman and one of theaides who developed the plan.
The president's pay would be cut to $39,336, which Paul'scampaign says is equivalent to the median personal income of an Americanworker, and the federal workforce would be cut by 10%. The president earns$400,000 a year.
Paul, a libertarian in his thinking, has long espoused manyof the ideas in his economic plan. He has discussed the need to reduce spendingand trim federal debt in his previous White House races, and is a leadingcritic of the Federal Reserve.
Paul averages 8% of the GOP vote in recent presidentialpolls, well behind leaders Mitt Romney and Herman Cain, according to surveyscompiled by RealClearPolitics.