Contact Us

Enzi and Others Propose So-Called “Penny Plan”

Getty Images

While the national budget deficit has been going down for years, a group of Republican senators including Wyoming’s Mike Enzi, have proposed a plan to speed that decline.

They have reintroduced what is called the “Penny Plan.” They explain it like this.

“The Penny Plan is simple. It would cut 1 percent from total federal spending for three years. That would balance the budget. The plan doesn’t mandate any specific cuts. Congress could make targeted reductions and focus on the worst first, but would be required to meet the 1 percent overall cut.

Everyone should be able to live with 1 percent less in order to help bring this country back from the brink of catastrophic fiscal failure, the senators said.

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.”

What is not said is that the plan in its original form takes 7 years, and then calls for strict limits on budgets after that. Critics say it is deceptively simple and would, in reality, make massive cuts in Defense, Social Security and Medicare. But the group which includes Senators Enzi, John Barrasso, Marco Rubio, Rand Paul and others, say the cuts would be directed by Congress toward genuine waste.

 

More News from K2 Radio

Best of the Web

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://k2radio.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on K2 Radio quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on K2 Radio quickly by logging in with your Facebook account. It's just as secure, and no password to remember!