To cut taxes without growing the deficit, Republican Senate candidate Pat Toomey (Pa.) proposed cutting programs that fund student travel abroad.

"You know, we found 75 different programs between the Department of Education and the Department of State that all subsidize one form or another of overseas student travel and student education," he said during an interview with "Fox News Sunday."

Reining in such "waste and duplication" is a good opportunity for the government to save cash, he said.

Other opportunities for saving, he said, include abolishing earmarks, bailouts and portions of stimulus spending.

"I disagreed with bailouts as a policy. I think we should rescind the unspent portion of the stimulus bill. I'd like to abolish earmarks," he said.

Ending earmarks represents "a big item" in terms of savings, he said.

"It's not just the cost of the individual earmarks, but it's also the fact that they've become a currency to buy votes for bloated appropriation bills," he said.

Tax cuts would expand the base of the economy, preventing them from rapidly growing the deficit, he said. Nevertheless, he added, spending cuts would be necessary.

"The real problem is the spending side," he said.