Ron Paul Pledges to Cut $1 Trillion in a Year, Balance Budget in 3 Years

On Monday, the team behind U.S. Rep. Ron Paul of Texas -- making his second bid for the Republican presidential nomination -- unveiled their plan to cut taxes and the size and scope of the federal government.

The Plan to Restore America calls for cutting $1 trillion from the federal government in the first year of a Paul presidency. It also contains a plan which, its backers insist, will balance the federal budget in the third year of a Paul presidency.

Ron Pauls plan is the only one that seriously addresses the economic and budgetary problems our nation faces, said Jesse Benton, Pauls national campaign chairman and one of the authors of the plan. It cuts $1 trillion in one year, and slashes regulations and taxes so our economy can grow and create jobs. Its the only plan offered by a presidential candidate that actually balances the budget and begins to pay down the debt. And its the only plan being offered that tries to rein in the Federal Reserve and get inflation under control.

Pauls plan calls for the elimination of foreign aid and reducing American military involvement overseas. It also would cap the federal corporate tax rate at 15 percent and cut 10 percent of the federal work force. Pauls plan would eliminate a host of federal agencies including the Transportation Security Administration (TSA) and five Cabinet departments -- Commerce, Education, Energy, Housing and Urban Development (HUD) and Interior.