PAY CUT: Loebsack Proposes Legislative Salary Slash

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Iowa Representative Dave Loebsack is trying to control federal spending by starting with congressional paychecks.

Loebsack introduced a bill Wednesday to end automatic pay raises for lawmakers and cut their current pay by 10-percent. He says congress is paid to make tough decisions and that is something they failed to do by allowing the sequester budget cuts to take place.

Rank and file members of the house currently earn $174,000 a year.