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Highlights of the Republican Spending Cuts Bill



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The majority of the savings in the new $2.5 trillion spending cut bill introduced by the House Republican Study Committee today come in the form of reducing non-defense discretionary spending to FY 2008 levels through the remainder of 2011, and to 2006 levels from 2012-2021. Combined with eliminating automatic year-to-year inflation adjustments, that nets about $2.29 trillion over ten years. 

But there are a lot of smaller cuts in the bill that are notable. Some highlights:

– 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 

And much more in there beside.



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