U.S. Senator Rand Paul of Kentucky has proposed some $500 billion in spending cuts in order to reduce the federal deficit.The newly-elected Republican unveiled the plan in a press release just prior to President Obama's State of the Union Address Tuesday night.Paul's proposal would eliminate numerous programs, including the Consumer Product Safety Commission, the National Endowment for the Arts and the Corporation for Public Broadcasting.It would also cut $42 billion from the Department of Agriculture's food stamp program.Paul says he hopes his proposal will start an important conversation among his Senate colleagues on how to fix the nation's current economic situation.