Republican Senators are looking to cap federal spending on ex-Presidents.
According to The Hill, Sens.Mark Kirk (R-Ill.), Joni Ernst (R-Iowa), and Marco Rubio (R-Fla.) have cosigned a bill that would limit a former president’s annual pension and allowance to $200,000 each. The spending cap does not include the funds used for security and protection for a former president.
The senators said that during the 2015 fiscal year the four living ex-presidents — Jimmy Carter, George H.W. Bush, Bill Clinton, and George W. Bush — spent more than $2.4 million on travel, office space, and communication.
Under the bill, it would also become a tiered system, benefits would be reduced based upon how much money a former president made in a given year. As of now, all four living former presidents receive the federal benefits and can receive it at the same level.
“This is an issue of restoring taxpayer trust by looking at reforms in the allowances and perks given to these former presidents who generate significant incomes after leaving office. It is critical that we stop talking and start cutting wasteful spending,” Ernst said, according to the Hill.
Currently, the four living former presidents have a combined net worth of $145 million. According to Celebrity Net Worth, Carter is the “poorest” living ex-president with a net worth of $5 million, while Bill Clinton is the wealthiest with a net worth of $80 million.
George W. Bush and George H.W. Bush are worth $35 and $25 million, respectively.
Reps. Jason Chaffetz (R-Utah) and Elijah Cummings (D-Md.) have a bipartisan companion bill in the House.
