Top 10 Reasons to Support Rep. Connie Mack's Penny Plan
FreedomWorksBy Julie Borowski
Posted on Aug 5, 2011
1. It Would Cut Federal Spending By One Percent for Six Consecutive Fiscal Years.
The Penny Plan would require Congress to cut just one penny out of each dollar it spends every year for six years. These gradual cuts over the next six years will balance the federal budget.
2. It Would Cap Overall Spending at 18 Percent of Gross Domestic Product (GDP) Starting in Fiscal Year 2018.
Congressional spending consumes approximately 25 percent of GDP. Federal revenue from taxes over the past 40 years has averaged about 18 percent of GDP, making 18 percent a reasonable limit for spending if Congress is in fact interested in balancing the budget for the long haul.
3. It is a Very Simple Plan.
The Penny Plan is simple and straight to the point. Cutting federal spending by one percent every year for six years is clear enough for everyone to understand. Unlike many Washington schemes, it’s not a complicated proposal.
3. It Would Reduce Overall Federal Spending by $7.5 trillion over the Next Ten Years.
Federal spending has risen to unprecedented levels which threatens our economic freedom. The Penny Plan would significantly cut government spending overtime and set us on the path towards fiscal responsibility.
4. It Would Balance the Federal Budget by 2019.
The current U.S. budget deficit is an unprecedented $1.6 trillion. The Penny Plan would bring the federal budget into balance this decade.
5. It is a Popular Idea with the American People.
The majority of Americans support balancing the federal budget. The Penny Plan which would balance the federal budget by 2019 should gain widespread support.
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