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House wants to cut presidential pensions, citing six-figure speaking fees and massive book deals

FILE: Former President Bill Clinton, made the fortunes of lectures and writing books. The house wants to get back on their state-funded pensions.

(Reuters)

The house supports a bill on Monday to reduce the state pensions of former presidents and capping, how much are they bill taxpayers for the office and staff. The measure passed by voice vote.

Former presidents receive lucrative book deals and high-paying gigs to speak, so there is no need for the taxpayer to support you to the degree that the Federal government has done in the past, according to the argument.

Rep., Jody Hice, R-Ga., the bill’s sponsor, says the life style of the former President means that the taxpayer can pay less. He said that President Bill Clinton earned more than $100 million in speaking fees, and received $15 million from a book deal after leaving office as President George W. Bush’s US $ 10 million for a book.

In February, the Financial Times reported that Penguin Random House won a bidding war with HarperCollins, Simon & Schster, and Macmillan method written about the rights of books, which is separate from the former President Obama and his wife Michelle, which exceeded $60 million.

“Because of these possibilities, it is no longer necessary to taxpayer-funded support for the former President in the same manner as provided for in the year 1958,” Hice said.

Similar laws passed in the last Congress, but President Barack Obama vetoed. He said that it is not enough transition time for compliance with, but he supports the concept of the bill and was ready to work with legislators.

The measure slightly reduces the pension for the former President of $205,700 to $200,000 per year. Earned the bill also caps the office allowance in the amount of $500,000, but will shrink in the following years of $250,000, with the possibility of shrinking even more, depending on how much a former President.

The Associated Press contributed to this report

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