Mack right to embrace a debt plan
Ft. Myers News-PressBy Editorial
Posted on May 12, 2011
Congress needs some kind of budgetary shackles, some mechanism that will force it to meet serious reduced-spending targets.
With the federal deficit headed toward $1.6 trillion this year, and total federal debt on track to pass $20 trillion by 2020, something new and radical is needed.
U.S. Rep. Connie Mack, R-Fort Myers, has thrown his weight behind one such mechanism, the One Cent Solution.
The News-Press Opinion page has been urging consideration of such mechanisms, including the One Cent Solution, for several weeks. The One Cent Solution is the brain child of Bruce Cook, a Georgian who has worked in both the public and private sectors.
In brief, the proposal - tracked by Mack's One Percent Spending Reduction Act of 2011 - would lock Congress into overall annual spending cuts of 1 cent per dollar for the next six years. Mack and Cook say that would cut government spending by $7.5 trillion and balance the budget by 2019."
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