Endorsed by Bruce Cook &"The One Cent Solution"
WASHINGTON, May 11, 2011 /PRNewswire-USNewswire/ -- As President Obama and his liberal allies in Congress continue to pursue a policy of economic recovery by growing the nation's debt, Congressman Connie Mack (FL-14) today launched a plan aimed at bringing the federal budget into balance by 2019 – and the plan is simple as it requires the elimination of one penny out of every federal dollar spent.
Joined by Bruce Cook of the "One Cent Solution," at a Capitol Hill news conference, Mack stated, "Every time Washington spends more money, they harm our freedom and security. Like an albatross our deficits and our debts hang around us and last November American voters sent a clear message to their elected officials that 'enough is enough' when it comes to Washington's appetite for spending."
Key Provisions of the One Percent Mack Plan are:
One Percent Spending Reduction per Year: The Mack Plan cuts total spending – mandatory and discretionary – by one percent each year for six consecutive fiscal years, beginning with fiscal year 2012.
FY 2012 – $3.382 trillion*, less one percent => $3.348 trillion cap
FY 2013 – $3.348 trillion, less one percent => $3.315 trillion cap
FY 2014 – $3.315 trillion, less one percent => $3.282 trillion cap
FY 2015 – $3.282 trillion, less one percent => $3.249 trillion cap
FY 2016 – $3.249 trillion, less one percent => $3.216 trillion cap
FY 2017 – $3.216 trillion, less one percent => $3.184 trillion cap
Overall Spending Cap in FY 2018: The bill sets an overall spending cap of 18 percent of gross domestic product (GDP) beginning in fiscal year 2018.
Enforcement of Spending Cuts: The one percent spending cuts would be achieved one of two ways: either 1) Congress and the President work together to enact program reforms and cut federal spending by one percent each year; or 2) If Congress and the President fail to do so, the bill triggers automatic, across-the-board spending cuts to ensure the one percent reduction is realized.
Mack added, "Chairman of the Joint Chiefs Admiral Mullen even stated, 'The single biggest threat to national security is the national debt' the fiscal conservatives in Congress are left to make the tough decisions the President and dare I say members of my own party have refused to make through the years. For the sake of freedom, prosperity and security; Congress can either make the necessary 1% cuts, or the bill as written will do it automatically. We simply can no longer afford to ignore the warnings."
Co-sponsors of the bill thus far include John Campbell (CA-48), Jeff Miller (FL-01), Dennis Ross (FL-12), Allen West (FL-22), Steve King (IA), Marlin Stutzman (IN-03), Roscoe Bartlett (MD-06), John Duncan, Jr. (TN-02), Reid Ribble (WI-08), Scott Garrett (NJ-05) and Cynthia Lummis (WY-at large).
SOURCE Office of Congressman Connie Mack