The U.S. National debt stands at $17.5 trillion … and growing. That makes each citizen’s share of this debt more than $55,000.
The Penny Plan would cut one percent from total federal spending for three years and would balance the budget by 2017. Once a balanced budget is achieved, the bill would place a cap on total spending each year. The new level of spending would be roughly 18 percent of America’s total economic output. Over a 10-year budget window, the bill would cut spending by about $7.6 trillion from currently projected levels.
Instead of mandating specific reductions, the bill enables Congress to make targeted cuts and focus on eliminating the worst first. If Congress fails to make those tough decisions, then automatic, across-the-board cuts would be imposed to make sure the caps were enforced.
The National Taxpayers Union rated the Penny Plan to reduce spending as the #1 bill as far as saving taxpayers money.
We must stop out-of-control Washington spending before it becomes an insurmountable burden for future generations.
Bruce Cook, CEO/Chairman of the One Cent Solution Inc.
“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?”