Paul: Cut $1 Trillion, Eliminate 5 Cabinet Depts

By KASIE HUNT | October 20, 2011 | 7:57 AM EDT

LAS VEGAS, Nev. (AP) — Republican presidential hopeful Ron Paul is calling for $1 trillion in cuts to the federal budget and says he would eliminate five Cabinet departments as soon as he takes office.

In a major policy rollout at the Venetian Resort Hotel Casino on Monday, the Texas congressman has outlined a sweeping plan to lower spending and reduce the national debt. Paul also says he would allow young workers to opt out of Social Security.

Paul's plan would repeal President Barack Obama's health care legislation as well as major banking and campaign finance regulations. He would also reduce corporate taxes.

Paul is a libertarian who ran for president in 2008. He came in second in Nevada's caucuses that year. He is in Las Vegas ahead of a presidential debate Tuesday.