Sen. Rand Paul (R-Ky.) introduced a bill this week that would cut $500 billion in government spending by the end of 2011, and one of the many casualties is the Department of Housing and Urban Development. According to the language in the bill, once ratified, all accounts and programs for HUD would be immediately defunded. It would also transfer all housing programs for veterans away from HUD and into the Department of Veteran’s Affairs. HUD’s fiscal year 2010 budget totaled $43.7 billion, a 9% increase from 2009. “By removing programs that are beyond the constitutional role of the federal government, such as education and housing, we are cutting nearly 40% of our projected deficit and removing the big-government bureaucrats who stand in the way of efficiency in our federal government,” Paul said in a statement released Tuesday. The bill is the latest in a Republican surge against spending on housing policy and Wall Street reform. Days after the new Congress convened, Rep. Michele Bachmann (R-Minn.) introduced a bill that would repeal the Dodd-Frank Act. But housing alone is not the only cut in the bill. Paul proposes reductions in costs from the Environmental Protection Agency, the Department of Agriculture, the Departments of Energy and Education, and even defense. The bill cuts $14 billion in payments made to military personnel among other operations. Neither HUD or Sen. Charles Shumer (D-N.Y.), a member of the Senate Banking, Housing and Urban Affairs Committee immediately replied to requests for comment. Paul said the bill rolls back government spending to 2008 levels. He said 85% of government funding would remain intact. “I am proud to introduce my own solution to the mounting debt our spendthrift, oversized government has accrued,” Paul said. Write to Jon Prior. Follow him on Twitter: @JonAPrior

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