Where Would Ron Paul Slash $1 Trillion from the Federal Budget? (ContributorNetwork)

GOP presidential hopeful Ron Paul released a new commercial pledging to slash $1 trillion in federal spending during the first year of his presidency. How does the Texas Congressman plan to do that?

Here's a look at Ron Paul's proposed cuts:

Medicaid, children's health care, food stamps

Politico reported Paul has claimed he would strip these programs from mandatory federal spending and reassign them to the individual states in the form of block grants. Paul opposes Obamacare, but National Journal reported he would not seek to immediately change health coverage for the elderly and children.

Pentagon

Paul told The Quad-City Times two months ago that $200 billion could be cut from the Defense Department. He has frequently campaigned to close U.S. foreign bases and, as Associated Press reported, to bring all American troops home "as soon as the ships could get there."

Foreign Aid

Paul would reduce all foreign aid to zero, Politico reported. The move would save up to $139 billion per year from known sources, excluding any foreign aid buried inside other agency budgets. Paul said the U.S. government cannot afford to spend money on foreign aid every year.

Cutting federal employees

Paul has proposed eliminating 221,000 federal jobs -- all of which he deems nonproductive -- from five Cabinet level departments (Interior, Energy, Education, Commerce and Housing and Urban Development). According to The Hill, Paul would target nonproductive jobs and continue to eliminate federal jobs wherever they do not serve the national interest.

Cut president's salary

Paul recommends reducing the president's salary from $400,000 a year to $39,336 a year, roughly the median income of an average American worker, according to a report by USA Today. The last president to earn a salary that low was Ulysses S. Grant in 1873, when he earned $50,000 per year.

Dan McGinnis is a freelance writer, published author and former newspaper publisher. He has been a candidate, campaign manager and press secretary for state and local political campaigns for more than 30 years.

Source: http://us.rd.yahoo.com/dailynews/rss/gop/*http%3A//news.yahoo.com/s/ac/20111205/pl_ac/10607351_where_would_ron_paul_slash_1_trillion_from_the_federal_budget

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