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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. Mr. Paul also says he would allow young workers to opt out of Social Security.

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

Mr. Paul is a libertarian who ran for president in 2008. He came in second in Nevada’s caucuses that year.

WHITE HOUSE

First lady helps retrofit wounded vet’s home

The first lady and the vice president’s wife have put the finishing touches on a renovated home for a medic wounded in Afghanistan.

Army Sgt. Johnny Agbi suffered brain and spinal cord injuries and uses a wheelchair, but he can walk short distances with the aid of a cane.

His three-story row house in Northwest Washington, just blocks from the U.S. Capitol, underwent a $100,000 renovation under a program called Heroes at Home. Michelle Obama and Jill Biden visited the home Monday to paint the living room.

He’s the 1,000th veteran whose home was renovated since the program began in 2007. Sgt. Agbi said the changes have made a big difference in his life.

IRS

Budget cuts would hurt service, raise deficit

Legislation that would trim hundreds of millions of dollars from the Internal Revenue Service budget next year would force significant cuts in the services it provides taxpayers and cost the government $4 billion annually in lost revenue, the agency warned Congress on Monday.

In a letter to lawmakers, IRS Commissioner Douglas H. Shulman said the budget cuts “would lead to noticeable degradation of both service and enforcement and would have a serious detrimental impact on voluntary compliance for years to come.”

The House Appropriations Committee has approved a bill that would provide $11.5 billion for the IRS in fiscal 2012, which began Oct. 1. That is $600 million less than it received last year and $1.8 billion less than President Obama requested.

The Senate Appropriations Committee version of the bill would provide $11.7 billion. The cuts are part of an effort by lawmakers to curb spending at a time when annual federal budget deficits have reached $1.3 trillion.

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