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debt crisis: Penny Plan Would Fix the Debt Crisis
- 07/28/11 11:11 AM
This afternoon on the radio, Rep Connie Mack talked about the “One Percent Spending Reduction Act," legislation – also known as the "Penny Plan" – that was introduced by Senator Mike Enzi (R-WY) last week, and authored by Congressman Connie Mack (R-FL) last spring in the U.S. House of Representatives.
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 … (7 comments)
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