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House Acts to Save $1.4 Billion by Eliminating Taxpayer Financing of Presidential Campaigns

Washington, January 27, 2011 - With the support of Congressman Bill Posey, the House of Representatives yesterday overwhelmingly passed legislation to end taxpayer financing of presidential campaigns and party conventions.

“During his State of the Union Address last night, the President said he was willing to eliminate whatever we can honestly afford to do without,” said Congressman Posey. “Public funding of presidential campaigns and political conventions is certainly something we can live without. In fact, President Obama accepted no federal money when he ran so enacting this cut should be a no-brainer.”

The legislation, H.R. 359, the Presidential Election Campaign Fund bill, is estimated to save taxpayers $1.4 Billion over the next 10 years. According to a report issued by the Congressional Budget Office (CBO), ending taxpayer financing of candidates and conventions would save $617 million over the next 10 years along with $814 million in interest payments.

Last week the House passed legislation to repeal the controversial new health care law, a move which will save $500 Billion over the next 10 years. The House also passed the STOP Act, which directs the Government Printing Office to post bills and the Congressional Record on the internet instead of printing copies, saving $35 million over 10 years. In addition to these measures, Republicans cut their office budgets by 5% saving taxpayers an estimated $35 million this year alone.

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