According to the language in the bill, once ratified, all accounts and programs for HUD would be immediately defunded. It would also transfer all housing programs for veterans away from HUD and into the Department of Veteran’s Affairs.
HUD’s fiscal year 2010 budget totaled $43.7 billion, a nine percent increase from 2009.
“By removing programs that are beyond the constitutional role of the federal government, such as education and housing, we are cutting nearly 40 percent of our projected deficit and removing the big-government bureaucrats who stand in the way of efficiency in our federal government,” Paul said. The bill is the latest in a Republican surge against spending on housing policy and Wall Street reform. Days after the new Congress convened, Rep. Michele Bachmann (R-Minn.) introduced a bill that would repeal the Dodd-Frank Act. But housing alone is not the only cut in the bill. Paul proposes reductions in costs from the Environmental Protection Agency, the Department of Agriculture, the Departments of Energy and Education, and even defense. The bill cuts $14 billion in payments made to military personnel among other operations. Paul said the bill rolls back government spending to 2008 levels, and that 85 percent of government funding would remain intact.
“I am proud to introduce my own solution to the mounting debt our spendthrift, oversized government has accrued,” Paul said.
Author: Jon Prior, housingwire.com