An amendment offered by Senator Rand Paul (R-KY) would “achieve savings of $200 billion in fiscal 2011 by reducing most discretionary spending to FY2008 levels, adding deeper cuts in some agencies and no cuts in others,” according to a press release from his office.
This measure, known as the Cut Federal Spending Act, is being offered as an amendment to the SBIR and STTR Reauthorization Act (S. 493) currently being debated by the Senate.
The legislation returns nearly all discretionary spending to FY2008 levels, cuts military spending by 5 percent (for a total of $30 billion) and does not impact war funding. Entitlements and veterans’ benefits will be left at current spending levels. In addition, it reduces funding by 50 percent to the Departments of Energy, Education, and Housing and Urban Development, and eliminates certain independent agencies.