The Mack Penny Plan Gains More Momentum in the U.S. Senate
Senator John Barrasso (R-WY) Signs Onto Mack Plan
WASHINGTON, July 22, 2011 /PRNewswire-USNewswire/ -- Today, Congressman Mack welcomed the support of Senator John Barrasso (R-WY) who has signed on to the "One Percent Spending Reduction Act," legislation – also known as the "Penny Plan" – that was recently introduced by Senator Mike Enzi (R-WY), co-sponsored by Senator Rand Paul (R-KY), and was originally authored by Congressman Connie Mack (R-FL) last spring in the U.S. House of Representatives.
Mack stated: "As more and more Senators voice their support of the Penny Plan, it is becoming clear that a core of fiscally-conscious conservatives are willing to do what it takes to stop the out of control, reckless spending in Washington. Senator Barrasso knows that we must get serious about our debt crisis, which every day threatens to destabilize our economy even further. When it comes to Washington's budget woes, voters have repeatedly said 'enough is enough.' I am proud that Senator Barrasso has joined us in this fight for a return to fiscal sanity."
Presently the Mack Penny Plan enjoys the support of over 40 co-sponsors in the U.S. House; the backing of the Republican Study Committee's 103 Members, and three key U.S. Senators.
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."
SOURCE Office of Congressman Connie Mack