Promises to cut $500 billion per year from the federal budget by 2016 to bring spending below 20 percent of the U.S. economy and to balance it by 2020, but vital specifics are lacking. At the same time would increase military spending, reverse $716 billion in Medicare cuts and cut taxes. Defended 2008 bailout of financial institutions as a necessary step to avoid the system's collapse, opposed the bailout of General Motors and Chrysler. Stayed silent on the debt-ceiling deal during its negotiation, only announcing his opposition to the final agreement shortly before lawmakers voted on it. Instead, endorsed GOP "cut, cap and balance" bill that had no chance of enactment. Favors constitutional balanced budget amendment. Proposes 10 percent cut in federal workforce, elimination of $1.6 billion in Amtrak subsidies and cuts of $600 million in support for the arts and broadcasting.
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