Republican presidential candidate Congressman Ron Paul is intending to present a plan on Monday to cut $1 trillion in federal spending and create a balanced budget within the third year of his presidency.
After watching fellow Republican presidential candidate and restaurant executive Herman Cain steal the GOP spotlight with his 9-9-9 tax plan, Libertarian-minded presidential contender Congressman Ron Paul planned to issue a bold plan of his own on Monday, publicly presenting a $1 trillion cut in federal spending, as Politico reported on Monday.
According to the Paul campaign, the deep cuts to be presented just a day before the Republican presidential debate in Las Vegas on Tuesday promise to deliver a balanced budget within the third year of a Ron Paul White House. The Las Vegas debate will be carried on CNN.
“Dr. Paul is the only candidate with a plan to cut spending and truly balance the budget,” the executive summary of the plan states, according to the Politico report. “This is the only plan that will deliver what America needs in these difficult times: Major regulatory relief, large spending cuts, sound monetary policy, and a balanced budget.”
The Paul campaign has been delivering some polling surprises throughout the 2012 presidential contest, most recently winning the Values Voter straw poll, with 37 percent of the vote, according to CNN.
Overall, Paul has been averaging 8 percent among the leading polls monitored by Real Clear Politics.
Paul's plan will feature deep cuts to the Environmental Protection Agency, the Pentagon, the Food and Drug Administration and to foreign aid. It will allow young workers to opt out of Social Security and will tee up Medicare, food stamps and other programs to be block-granted to the states.