The select "super committee" in Congress has less than three weeks to complete a plan that would cut $1.2 trillion in federal spending. Failure to do so by a statutory deadline would kick in automatic across-the-board cuts.
GOP candidates have proposed cutting federal spending. Here are some of their ideas:
Herman Cain
The former business executive has proposed a 9-9-9 tax program, which, for the first time, would establish a national sales tax. The Weekly Standard reported during the Dartmouth College GOP debate that Cain announced plans to balance the budget in his first year as president by cutting spending in each federal agency by 10 percent and eliminating capital gains taxes and exempting Social Security for the first year of his administration. Those cuts would save $450 billion in federal spending. Entitlement spending would be examined after the second year under the Cain plan.
Mitt Romney
The former Massachusetts governor has proposed a 59-point plan to cut the deficit and restructure federal spending. According to a September Politico report, Romney would enact 10 measures to cut spending on his first day in office. His plan calls for lower corporate taxes, an expanded U.S. energy policy and growing the economy to create new revenue for the government. Forbes reported Romney plans a major overhaul to Obamacare and may utilize a budget reconciliation maneuver to accomplish immediate savings.
Rick Perry
Perry unveiled an alternative flat tax proposal last week, but the Chicago Tribune reported it could remove $1 trillion in revenue from federal coffers. Perry said he wants Americans to keep more of their money and that by doing so it would generate an equal amount in new revenue to the federal government. He also supports eliminating taxes on investment income. He told ABC News Radio that he would overhaul the IRS, saving taxpayers $400 billion a year, and eliminate federal earmark spending projects by use of the presidential veto.
Ron Paul
The Texas congressman told Politico that he would eliminate five federal departments and bring U.S. troops home in an effort to cut spending, pledging to cut $1 trillion in spending his first year in office. He proposes cutting the federal workforce by 10 percent and slashing presidential pay by 90 percent. He has proposed slicing corporate tax rates to 15 percent, eliminating dividend and capital gain taxes and encouraging return of foreign investment without penalties. On Sunday, Paul told CNN that he would eliminate the whole federal departments and restructure how federal student loans are administered.
Dan McGinnis is a freelance writer, published author and former newspaper publisher. He has been a candidate, campaign manager and press secretary for state and local political campaigns for more than 30 years.
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