I think you'd need to expand beyond what's generally classified as welfare. You could probably also get reduce or eliminate social security benefits (another $745.3B)

You could also probably greatly simplify the tax code, which has become a form of welfare with the poor paying less and the richer paying more relative to the amount they earn.

Then there's other potential benefits or reductions in cost, that are harder to quantify and predict. Would there be a reduction in crime? (which could reduce police costs) A decrease in sickness and health costs? (due to increased nutrition and better shelter) An increase in productivity and a boost to the economy? (due to people being in better health, being able to get more education and a tax code and welfare system that doesn't incentivize making less) What about all the non-profit organizations that spend millions helping the unfortunate? (What could that be spent on instead?)

I'm not necessarily in favor of a basic income to the extent mentioned in the article. I do wonder, however, if some limited basic income could be more effective than our current programs designed to help the poor and needy and if it would provide some better stability in people's lives generally. Either way, it would have a broader impact on the economy than simply removing welfare programs from federal and state budgets.