6 Ways to Cut the Federal Deficit Today

Cuts of programs like printing $1 bills could net $11 billion.

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With the budget deficit and national debt soaring, there has been lots of talk in Washington and among the G-20 economic allies to cut spending and balance budgets. But so far there has been little action. President Obama's bid last year to have Cabinet agencies cut $100 million mostly drew yawns. [See photos of the Obamas behind the scenes.]

This week Whispers asked Citizens Against Government Waste if they could find programs and billions of dollars to cut and CAGW's president and press office needed less than a day to come up with cuts totalling about $11 billion over five years. Their list includes killing sugar and milk subsides and two defense programs the Pentagon doesn't want but Congress does.

The list:

1. Kill the Defense Department alternate engine program for the Joint Strike fighter. The House of Representatives authorized $485 million for the engine in H.R. 5136, the FY 2011 Defense Authorization Act. Since 2004, Congress has earmarked more than $1.2 billion for the engine.

2. Eliminate funding for the Pentagon's C-17 transport. This would result in a one-year savings of $400 million and a five-year savings of $2 billion.

3. Reform the Agriculture Department's milk marketing orders program and deregulate milk pricing. This would result in a one-year savings of $1.15 billion and a five-year savings of $5.75 billion.

4. Eliminate the Commerce Department's Economic Development Administration that helps U.S. regions in foreign trade. This would result in a one-year savings of $201 million and a five-year savings of $1.081 billion.

5. Replace the $1 bill with a coin. This would save taxpayers $522.2 million per year.

6. Eliminate the Agriculture Department's sugar subsidy. This would result in a one-year savings of $160 million and a five-year savings of $800 million.

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