Republican presidential candidate U.S. Rep. Ron Paul, R-Texas, is scheduled to unveil the details of his economic plan on Monday afternoon that calls for a $1 trillion reduction in federal spending, the elimination of several cabinet positions and a drawdown of American troops fighting overseas.

The proposal, dubbed the Restore America plan, calls for a 10 percent reduction in the federal workforce, a theme that has been popular among all of the Republican candidates, according to a preview of the plan obtained by Politico. In what could be viewed as a symbolic gesture, Paul also pledged to lower his presidential salary from $400,000 to just under $40,000 a year if elected, a gesture his campaign writes is approximately equal to the median personal income of the American worker.

Paul Budget Theme: Cut Spending

Dr. Paul is the only candidate with a plan to cut spending and truly balance the budget, states an executive summary of the plan, obtained by Politico before its release. This is the only plan that will deliver what America needs in these difficult times: Major regulatory relief, large spending cuts, sound monetary policy, and a balanced budget.

The Paul campaign reports that the plan, which has been released ahead of Tuesday's GOP debate, will balance the budget by Paul's third year of his presidency if he is elected in 2012.

Many of the proposals, which include completely eliminating the Departments of Education, Energy, Commerce, Interior and Housing and Urban Development, are ideas inspired by Paul's staunch libertarian ideology that have also become of a cornerstone of the Tea Party movement. Paul's plan would also reduce funding for the U.S. Environmental Protection Agency by 30 percent, the U.S. Food and Drug Administration by 40 percent, and completely cut all foreign aid. Moreover, Paul would also ax all Pentagon war funding.

Plan Would Make Social Security Voluntary for Workforce Entrants

Medicaid, the children's health insurance program, food stamps, family support programs and the children's nutrition program would be dispersed through block grants to states. In regards to Social Security and Medicare, the campaign writes that Paul wants a system that honors our promise to our seniors and veterans, while allowing young workers to opt out.

Paul's plan does not mention personal income taxes, probably because the Texas congressman is a vocal proponent of eliminating the tax altogether. However, his economic plan would lower the corporate tax rate to 15 percent from 35 percent, as well as end all taxes on personal savings and permanently extend the Bush tax cuts.

In what has become a major platform for all of the GOP candidates, Paul would also repeal the Affordable Care Act, along with the Dodd-Frank regulatory reform law enacted in 2010.

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