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/ Source: NBC News
By Luke Russert

Lawmakers on both sides of the aisle have introduced legislation that would cut some taxpayer-provided funds provided to ex-presidents.

Right now, former inhabitants of the Oval Office get about $200,000 each year for their pensions as well as funds for office expenses.

The new legislation would cap those office expenses at $200,000 and then decrease that amount dollar-for-dollar for any money earned above $400,000. The yearly pension would remain the same.

Republican Rep. Jason Chaffetz of Utah and Democrat Rep. Elijah Cummings of Maryland say that since all ex-presidents become millionaires, there's little point for the government to keep taxpayers on the hook for such a large subsidy.

"This simple legislation is designed to end unnecessary government payments to former presidents who earn substantial income from post-presidential work," they wrote. "History shows that former presidents do very well financially after they leave office. In fact, all living former presidents are millionaires, making it very unlikely that they depend upon their tax-payer funded allowances to make ends meet."

The legislation would not affect security for former presidents.

It's not clear whether the legislation will come up for a vote in the House or be able to pass the Senate.