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.