One Cent Solution - Penny Plan Returns to Congress

Washington, D.C. -- Congressman Austin Scott (R-GA) and Senator Michael Enzi (R-WY), along with 10 co-sponsors, have re-introduced the One Cent Solution/Penny Plan in both houses of Congress. The One Percent Spending Reduction Act of 2013 (H.R. 1202 and S. 547), also known as the “Penny Plan,” balances the budget in three years and reduces U.S. public debt by $8.5 trillion over ten years.

The One Cent Solution/Penny Plan calls for reducing total government expenditures (excluding interest payments) one percent per year. Beginning in 2014, Congress will be required through regular order to determine how to make the spending reductions totaling approximately $33 billion per year (1% out of a $3.3 trillion annual government budget). Some programs may be cut more or less than one percent, or not at all, as long as the total spending is reduced by one percent. If Congress does not achieve the required spending reductions, automatic spending cuts totaling one percent would be applied.

The One Cent Solution/Penny Plan was first introduced in Congress in 2011 by Congressman Connie Mack (R-FL) and Senator Michael Enzi (R-WY). Seventy members of the House and 15 senators co-sponsored the legislation. The Penny Plan has been endorsed by over 150 economists and has received wide-spread grass roots support from all 50 states .

Bruce Cook, CEO/Chairman of the One Cent Solution, Inc. states: “The One Cent Solution/Penny Plan still offers the best solution to our nation’s debt problem. It’s simple, straightforward, and provides a strong foundation for growing our economy. What family or business can’t cut 1% off its budget?”

Read The One Percent Spending Reduction Act of 2013.

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Tags: One Percent, One Cent, reduction, spending, Mack Penny Plan, H.R. 1202 and S. 547 To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. Thanks!