Rand Paul, a Kentucky Republican, has proposed a federal budget resolution to reduce on-budget outlays and revenues by cutting six cents off every projected dollar spent over the next five fiscal years. The proposal would reduce spending to 94% of current levels and continue until balance is achieved in year five. Paul highlighted the Treasury Department's financial statements, showing a disparity between $6.06 trillion in assets and $47.78 trillion in liabilities. This does not include the unfunded obligations of social insurance programs. The federal government added $2.1 trillion to the gross national debt in a single year, bringing the total national debt to over $37 trillion.