Congressman Rand Paul proposed $500 Billion dollars in savings.

Congressman Rand Paul of Tennessee has proposed a list of budget cuts that will total $500 Billion dollars in savings.
According to the Congressional Budget Office, this will be the third year in a row in which the U.S. Government runs a budget deficit near – or greater-than $1 trillion (with 2011 Budget deficit to hit $1.48 trillion) These deficits are far greater than what is economically sustainable, and far outpaces the political duty to produce budgets that are economically responsible. The solution to the government's fiscal crisis needs to begin by cutting spending at the heart of the problem – right here, on Capitol Hill. This proposal would be to cut the Legislative Branch by 23 percent or $1.283 billion in FY 2011.

Consistent with many of the spending cuts included in this proposal, the Legislative Branch is taken back to FY2008
levels, and includes the elimination of an outdated agency, ... full report here