Ron Paul Reveals Economic Plan with $1 Trillion in Cuts

Presidential candidate Ron Paul pledges to cut about $1 trillion from the federal budget in an economic plan that has yet to be released.

In the executive summary of the Plan to Restore America, Congressman Paul (R-Texas) plans to eliminate five federal departments including, the Departments of Energy, Education, Commerce, Interior, and Housing and Urban Develop. The summary also stated that Paul plans to abolish the TSA and instead allow private firms to maintain security. For most of the remaining departments that are not cut, their budgets would return to their 2006 levels.

Paul also proposed cutting congressional and presidential salaries. As president, Paul would receive only $39,336 a year, a dramatic decrease from the current salary of $400,000. The presidential salary will equal the approximate median salary American workers, according to Paul's plan.

Taxes would be lowered as well. Paul pledges to reduce corporate taxes to 15%, extend the Bush tax cuts, abolish the Death Tax, and end taxes personal savings.

Entitlments also will be affected. Medicaid and other social welfare programs will have an opt out option. However, the plan maintains that Paul will honor his commitment to seniors and veterans.

Ron Paul's plan is the only one that seriously addresses the economic and budgetary problems our nation faces, said Jesse Benton, Paul's campaign chairman and coauthor of the plan.

The summary also revealed that Paul would repeal Obama's healthcare plan, conduct an audit of the Federal Reserve, and cancel all onerous regulations previously issued by Executive Order.

In a recent Quinnipiac University Poll, Ron Paul received 6% of votes by Republican or Republican leaning voters.