Tags: Economic- Crisis | Mack | penny | plan | support | House | Senate

Rep. Mack: 'Penny Plan' Gaining Currency

Thursday, 04 Aug 2011 05:25 AM

By Hiram Reisner

Rep. Connie Mack says his plan to cut one penny out of every dollar spent by the federal government works and is quickly gaining GOP support in the House and the Senate. The Florida Republican also told Fox News’ Sean Hannity Wednesday he expects some Democrats to sign on to the legislation.
“Yes, it works,” Mack said. “You know, before we introduced the bill, we make sure that as we went through the bill-writing process, we went and had everybody checked out the numbers. This is a plan that’s simple, as you know — it works — and it solves our problems.”
Mack said support is growing for the One Percent Spending Reduction Act, also known as the “Penny Plan,” in part because it will lead to a balanced budget before the end of the decade.
“It is really simple . . . . for six years, we’re going to cut 1 percent of spending for six years,” he said. “One penny out of every dollar — everybody has had to take more than one penny out of every dollar of their own budget, of their business budget. This isn’t a big lift — and Washington can do it.
“Then we cap spending to 18 percent of GDP in the seventh year. And in the eighth year, the budget is balanced, and after 10 years we cut $7.5 trillion,” Mack continued. “All of this talk about the cuts, the supposed cuts that happened in this last bill that passed — those aren’t cuts. Those are fantasy cuts, those are reductions in the rate of growth. And everyone knows if you continue to spend $1.6 trillion more than you bring in, you have to borrow that money — it adds to the debt — we can’t continue to do that.”
Mack said 57 House members have signed onto the bill and several senators said they are backing it, including his fellow Floridian Marco Rubio, Utah’s Mike Lee, Texas’ Kay Bailey Hutchison, and Kentucky’s Rand Paul.
“It’s growing — people coming to me every day,” Mack said. “And look, Sean, you know what’s amazing about this: It’s gone from, you know, an idea that we’ve kind of come up with — some grass-roots organizations, came up with this — now it’s growing. I mean, so it’s not just conservatives. It’s moderate Republicans . . . independents — it’s Democrats. There are Democrats who look at it and say, this makes sense.”
Mack said the plan is available and explained on his websites, mack.house.gov and conniemack.com.

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