Wednesday, August 24, 2011
By Alec Hamilton : Assistant Producer, WNYC News
Florida Congressman Connie Mack has a plan to save the country from its growing deficit, using nothing but pennies.
Mack, a Republican, is promoting a "one-cent solution" to balance the budget in eight years by cutting spending every year by one percent. The proposal, called the One Percent Spending Reduction Act of 2011, aims to eliminate one penny from every dollar spent by the federal government, reducing the GDP from 25 percent to 18 percent and then capping it there.
The ideas seems popular among GOP lawmakers. The Act lists thirteen co-sponsors, and at least one more, Louisiana Senator David Vitter, has announced intention to sign on once the recess is over. Several key conservative organizations have endorsed the plan, including FreedomWorks, the National Taxpayers Union and the One Cent Solution.