Congress is gearing up to vote on the Former Presidents Act, legislation that would curtail the spending former commanders in chief have for their annual office expenditures and staff. The measure comes after the Congressional Research Service announced that Obama would be the taxpayers nearly $1.5 million each year for his annual office and staff budget, more than any other president in history.
Taxpayers cover the pensions of former presidents, but also foot the bill for office space and employees. The new measure would place a cap on spending at $500,000, an extremely reasonable amount considering that Secret Service detail and other expenditures aren’t factored in to the cash payments.
The stipend would reduce to $350,000 after five years, and drop to $250,000 after another five years. Instead of paying millions every year, taxpayers would see substantial reductions, especially for former presidents who earn millions on the lecture circuit, through book deals, and for appearances.
The Bill would also ensure that former presidents who earn excess of $400,000 per year have their payment lowered dollar for dollar over that amount.
Jody Hice, R-Ga., who authored the measure, explained that the move would cap the pensions of former presidents at $200,000, only slightly less than the $205,000 they receive today.
“The Presidential Allowance Modernization Act presents a fair way to reduce taxpayer support to those former presidents who simply do not need such assistance, while modernizing outdated measures,” he said when he introduced the bill in September.
Bill Clinton collects $700,000 a year for his office budget in addition to the pension, but Jimmy Carter only collected $230,000.
The Senate Homeland Security Committee passed similar legislation created by Joni Ernst in October. Hopefully, the bill in the House will also pass and taxpayers will see a reduction in the orgy of spending Obama.
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