House Republicans set to release 2.5 Trillion with a “T’ in deep spending before America becomes Greece

Sanity is returning to Washington to put a stop to the out of control spending by President Obama and the Democrats. This was what the historic mid-term elections was all about, to put a stake in the heart of out of control spending.



I think I’m still allowed to say this because I didn’t use any gun analogies.



The Daily Caller reports that a number of the House GOP’s leading conservative members on Thursday will announce legislation that would cut $2.5 trillion over 10 years, which will be by far the most ambitious and far-reaching proposal by the new majority to cut federal government spending.



Rep. Jim Jordan of Ohio, the chairman of the Republican Study Committee, will unveil the bill in a speech at the Heritage Foundation on Thursday morning.



Jordan’s bill, which will have a companion bill introduced in the Senate by Sen. Jim DeMint, South Carolina Republican, would impose deep and broad cuts across the federal government. It includes both budget-wide cuts on non-defense discretionary spending back to 2006 levels and proposes the elimination or drastic reduction of more than 50 government programs.



Jordan’s “Spending Reduction Act” would eliminate such things as the



U.S. Agency for International Development and its $1.39 billion annual budget,



$445 million annual subsidy for the Corporation for Public Broadcasting,



$1.5 billion annual subsidy for Amtrak



$2.5 billion in high speed rail grants



$150 million subsidy for the Washington Metropolitan Area Transit Authority



and it would cut in half to $7.5 billion the federal travel budget.



But the program eliminations and reductions would account for only $330 billion of the $2.5 trillion in cuts. The bulk of the cuts would come from returning non-defense discretionary spending – which is currently $670 billion out of a $3.8 trillion budget for the 2011 fiscal year – to the 2006 level of $496.7 billion, through 2021.



Going back to 2006 levels would reduce spending by $2.3 trillion over ten years. It is a significantly more drastic cut than the one proposed by House Republican leadership in the Pledge to America last fall, which proposed moving non-defense, non-mandatory spending for the current fiscal year back to 2008 levels, which was $522.3 billion.



Jordan’s proposal includes the recommendation from the Pledge for the current fiscal year, which ends in September.



More details here



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