Ethanol, Engines, Earmarks, Oh My!

Feb. 10, 2011 -- Talk about government waste.

In a bid to emphasize the need to rein in the nation's soaring deficits, Republicans today went outside the Capitol to highlight their push to cut down on federal waste. GOP lawmakers conducted a hearing in the middle of a cold, empty government building down the street from Capitol Hill that has been vacant for more than a decade.

Built in 1892 to house the U.S. Post Office department headquarters and Washington, D.C.'s post office facility, the Old Post Office costs $12 million a year to operate. It sits on some of the most prime real estate in the nation's capital, only four blocks from the White House.

But since it is only partially occupied, the government only collects $5.5 million in rent. That means taxpayers are losing $6.5 million every year on the operation of the building.

"We have passed laws, several laws," said Rep. John Mica, R-Fla. "We have passed specific laws to do this and we are sitting here in an empty, vacant building.

"It's just frustrating. We've been talking about this my entire career," he added. "We've got to do a better job."

Now, Republicans say they want to slice $1.7 billion out of the government's budget for buildings. They are promising a slew of other cuts, too, including ending President Obama's high-speed rail program, gutting the Environmental Protection Agency, and even cutting $74 million from the FBI's budget.

"We're broke," House Speaker John Boehner, R-Ohio, said Thursday. "Let's be honest with ourselves."

But thus far, Republicans have left some very expensive sacred cows untouched, such as more than $5 billion every year spent on ethanol subsidies that neither help the environment nor save energy; $6.2 billion in tax credits for oil and gas companies flush in record profits; and $3.5 billion for an extra engine for the F-35 fighter jet that the Pentagon doesn't want.

Part of the engine is made in the district of House Majority Leader Eric Cantor, R-Va., another part in Boehner's district.

"I would like to ask you about some of the spending cuts that we don't see talked about," ABC News' Jon Karl asked Boehner. "I see the list the Appropriations Committee has put out where is there nothing in here about cutting funding for the extra engine for the F-35, for example. Isn't it a no brainer? The Pentagon says they don't want it."

"I am sure we are going to see a bill soon and all the details that come with it," Boehner replied.