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Yesterday, Reps. Jim Jordan (R-Ohio) and Scott Garrett (R-N.J.), and Sen. Jim DeMint (R-S.C.) unveiled the Spending Reduction Act, which proposes to reduce national debt by cutting funds from a range of federal programs. The congressmen serve on the Republican Study Committee.

The plan would save $2.5 trillion through 2021 by paring back current spending to 2008 levels. By Oct. 1, 2011, the bill proposes to further reduce spending to 2006 levels and freeze spending for the next decade.  

The bill calls for repealing unspent stimulus funds, as well as eliminating $2.5 billion in high-speed and intercity passenger-rail grants. In addition, the legislation would cut $2 billion in New Starts funding, $1.5 billion in Amtrak subsidies and $150 million in Washington Metropolitan Area Transit Authority subsidies annually.