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The Penny Plan balances the budget by:
◦Cutting total federal spending by one percent each year for six consecutive years,
◦Setting an overall spending cap of 18 percent of gross domestic product in 2018, and
◦Reducing overall spending by $7.5 trillion over 10 years.
If Congress and the President are unable to make the necessary cuts, the bill’s fail-safe triggers automatic, across-the-board cuts to ensure the one percent reductions are achieved.
Mack added, “At a time when so many in our nation are hurting financially, the federal government needs to do its part to cut spending. The Penny Plan is a straightforward answer to our nation’s over-spending problem that asks government to eliminate only one penny from every dollar it spends—a simple solution that all Americans can rally behind.”
The Mack Penny Plan Gains More Momentum in the U.S. Senate | NEWS.GNOM.ES
The one percent would only save about 35 billion a year or 245 billion by 2018.What rational person couldn't get behind this plan? Congressman Connie Mack's (R-FL) plan is simple yet effective...it begins after stopping all automatic 7% baseline increases...then just takes only one penny (1%) per dollar off the budget per year...
The Penny Plan balances the budget by:
◦Cutting total federal spending by one percent each year for six consecutive years,
◦Setting an overall spending cap of 18 percent of gross domestic product in 2018, and
◦Reducing overall spending by $7.5 trillion over 10 years.
If Congress and the President are unable to make the necessary cuts, the bill’s fail-safe triggers automatic, across-the-board cuts to ensure the one percent reductions are achieved.
Mack added, “At a time when so many in our nation are hurting financially, the federal government needs to do its part to cut spending. The Penny Plan is a straightforward answer to our nation’s over-spending problem that asks government to eliminate only one penny from every dollar it spends—a simple solution that all Americans can rally behind.”
The Mack Penny Plan Gains More Momentum in the U.S. Senate | NEWS.GNOM.ES
The one percent would only save about 35 billion a year or 245 billion by 2018.What rational person couldn't get behind this plan? Congressman Connie Mack's (R-FL) plan is simple yet effective...it begins after stopping all automatic 7% baseline increases...then just takes only one penny (1%) per dollar off the budget per year...
The Penny Plan balances the budget by:
◦Cutting total federal spending by one percent each year for six consecutive years,
◦Setting an overall spending cap of 18 percent of gross domestic product in 2018, and
◦Reducing overall spending by $7.5 trillion over 10 years.
If Congress and the President are unable to make the necessary cuts, the bill’s fail-safe triggers automatic, across-the-board cuts to ensure the one percent reductions are achieved.
Mack added, “At a time when so many in our nation are hurting financially, the federal government needs to do its part to cut spending. The Penny Plan is a straightforward answer to our nation’s over-spending problem that asks government to eliminate only one penny from every dollar it spends—a simple solution that all Americans can rally behind.”
The Mack Penny Plan Gains More Momentum in the U.S. Senate | NEWS.GNOM.ES
I wouldn't have a problem with such a general means to handle the debt, if I could trust the bastards farther than I could toss the Washington Monument.
1 percent is inadequate. There have been grand announcements of fixes to this or that going back to the brief period when the country was actually a republic, all of whom were ignored or abandoned as soon as the ink was dry.
Yes, I think it would. What no one seems to recognize is that that these plans all lack any real detail and the devil is in the details. Also Once an agreement is reached and there is legislation, all it takes is wording in a bill that sets aside this agreement. You can bet that will happen when revenues rise and spending slow down.The one percent would only save about 35 billion a year or 245 billion by 2018.What rational person couldn't get behind this plan? Congressman Connie Mack's (R-FL) plan is simple yet effective...it begins after stopping all automatic 7% baseline increases...then just takes only one penny (1%) per dollar off the budget per year...
Wouldn't the first year really be an 8% "cut"... since baseline increases would be stopped...?
Right now we are spending about 25% of GDP....1% per year reduction in REAL cuts would reduce it down to 18% of GDP in about 7 years...
