UNDATED, WI (WTAQ) - Republican U.S. Senate candidate Eric Hovde announced a new economic plan today. It calls for lower-and-simpler federal income tax rates of 10-and-25-percent for individuals, and 25-percent for corporations. Hovde, a hedge fund manager, says he would seek to cut federal spending to the amounts spent in 2007. He also calls for a constitutional amendment for a balanced federal budget, repealing the health care reform law, ending what Hovde calls “handouts to special interests,” and audit the Federal Reserve. Hovde also calls for a reform of entitlement programs like Medicare and Social Security, but does not what he would do to them. Hovde’s campaign has warned that the nation’s economy is headed for a collapse – and that he’s the one who could fix them instead of his three G-O-P who have spent years in politics. Hovde is running against former Governor Tommy Thompson, state Assembly Speaker Jeff Fitzgerald, and former Congressman Mark Neumann in the August 14th primary. The winner will run against Democrat Tammy Baldwin in November for the right to replace the retiring Senator Herb Kohl.