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This paper presents a new approach using simultaneous voltage-scaling and gate-sizing for low power without violating the timing constraints. We provide the problem formulation in this application, and propose algorithms for single voltage-scaling, single gate-sizing, and their simultaneous manipulation. We target a globally optimal solution by showing how the power optimization is related to the maximum-weighted-independent-set (MWIS) problem. Experimental results on a set of benchmark circuits show that the simultaneous voltage-scaling and gate-sizing generates maximum power reduction. The average power savings range from 23% to 57% over all tested circuits, depending upon the circuit topology, underlying gate library and specific supply voltages.