The president makes $450,000 a year for life
House and senate members will make $174,000/yr when they retire.
With 535 Congressmen and women that added up to $93,090,000 on wages alone. Reducing this by 40% would reduce cost by $37 million in one year. This isn't including a reduction of long term retirement pay.
It may not be that much on paper, but it means a whole lot symbolically to the American people. Most congressmen have sustainable wealth on their own. They do not need the taxpayers salary to live. Reform should happen to keep this waste from continuing