Ron Paul to Propose $1 Trillion in Spending Cuts

Republican Presidential Candidate Rep. Ron Paul is set to deliver a major announcement Monday in Las Vegas where he will unveil his economic plan.

Paul’s plan involves $1 trillion in spending cuts, the bulk of those cuts coming from the elimination of several cabinet level departments, including Energy, Housing and Urban Development, Commerce, and Education.

Paul will also wring out more savings through the elimination of all foreign aid and wars, and dial back spending to 2006 levels.

The plan also calls for a full audit of the Federal Reserve.

Paul also proposes taking a symbolic salary of $39,336 which the campaign says is about equal to the salary of the average American worker.

The proposals are nothing new for Paul, who has long advocated for a more limited government.

In the latest ABC News poll, only 8 percent of likely Republican voters mentioned Paul’s name as the one best to handle the economy — compared with Romney and Perry, who both topped the poll with 22 percent.

At a recent campaign stop in New Hampshire, ABC News asked Paul what he planned to do to change those numbers.

“I’m not changing a thing,” said Paul.