Texas Gov. Rick Perry unveiled a "Cut, Balance and Grow" economic plan on Tuesday to slash federal spending, curb regulations and implement an optional 20 percent flat tax.
Calling for a balanced budget by 2020, the GOP presidential candidate would cap federal spending at 18 percent of GDP and reduce discretionary nondefense outlays by $100 billion in the first year.
The plan also bans congressional earmarks, ends baseline budgeting, curbs federal salaries and institutes "pay-go," requiring that any funding for new programs be offset by cuts elsewhere.
