Jordan pointed out the amount of debt is nearly the size of our entire economy and has grown from $8.6 trillion just four years ago to more than $14 trillion today and that spending cuts have to be addressed in order to prevent falling further into debt.
The Spending Reduction Act is the first step to halting mounting debt and if passed will save taxpayers $2.5 trillion through 2021. Spending cuts outlined in the bill would take place immediately and throughout the next decade.
DeMint referred to the legislation as a way to make tough decisions in order to preserve freedom rather than sending the country over the edge into bankruptcy.
NRO outlines some of the cuts:
– Reducing the federal workforce by 15 percent through attrition, and eliminating automatic pay increases for the next five years.
– Eliminating all remaining “stimulus” funding. $45 billion
– Privatizing Fannie Mae and Freddie Mac. $30 billion
– Prohibiting any funding of the implementation — or legal defense — of Obamacare.
– Cutting the federal travel budget in half. $7.5 billion annually
– Cutting the federal vehicle budget by 20 percent. $600 million annually
– Eliminating the Corporation for Public Broadcasting subsidy. $445 million annually
– Eliminating Amtrak subsidies. $1.565 billion annually
– Repealing Title X Family Planning. $318 million annually
– Repealing the Davis-Bacon Act (which sets “prevailing wages” for workers on federal projects). $1 billion-plus annually
– Prohibiting taxpayer funded union activities by federal employees. $1.2 billion savings over ten years