Here is a July 22 Press Release from Congressman Mack’s website that outlines his legislation:
... Mack Plan to Balance the Budget within Eight YearsThis plan is much better than anything else I have seen to date. It is worth serious consideration discussion in both Houses of Congress. However, it may be too simple and make too much sense for our spending addicted Congress to grasp …
WASHINGTON- Today, Congressman Connie Mack (FL-14) welcomed the support of Freedom Works for the “One Percent Spending Reduction Act," legislation – also known as the "Penny Plan" – that was introduced by Senator Mike Enzi (R-WY) last week, and authored by Congressman Connie Mack (R-FL) last spring in the U.S. House of Representatives.
Mack stated: “I am proud to have the support of Freedom Works and the great work of their Chairman, Leader Dick Armey. Our deficits and debt hang around us like an albatross, and last November American voters sent a clear message to their elected officials that ‘enough is enough’ when it comes to Washington’s appetite for spending.”
Presently the Mack Penny plan enjoys the support of over 40 co-sponsors in the U.S House; the backing of the Republican Study Committee’s 103 Members, three key U.S. Senators, and two grassroots organizations .
The Penny Plan balances the budget by:
• Cutting total federal spending by one percent each year for six consecutive years,
• Setting an overall spending cap of 18 percent of gross domestic product in 2018, and
• Reducing overall spending by $7.5 trillion over 10 years.
If Congress and the President are unable to make the necessary cuts, the bill’s fail-safe triggers automatic, across-the-board cuts to ensure the one percent reductions are achieved.
Matt Kibbe of Freedom Works stated: “Washington is on an unprecedented spending binge. Our national debt has skyrocketed to nearly $14.4 trillion. The Republican Study Committee has listed the One Percent Spending Reduction Act as a bold solution in their “Cut, Cap and Balance” proposal letter to House leadership. The letter states that it would be fiscally irresponsible to raise the debt ceiling without immediate spending cuts, enforceable total-spending caps and a balanced budget amendment. Rep. Mack’s “penny plan” should be considered as the second part of the RSC’s “Cut, Cap, and Balance” approach for the debt ceiling in order to put federal spending on the path to a balanced budget.”