Congressman Connie Mack (FL-14) announced today that he will not support Speaker Boehner's plan, which raises the nation's debt ceiling. The plan does not fix the debt crisis and does not balance the budget.
Mack stated: "President Obama's lack of a spending reduction plan and the Senate's various schemes to license more federal spending would drive any credit lender into orbit and has left Speaker Boehner rightfully frustrated. Speaker Boehner's plan is an attempt to deal with the financial irresponsibility that the federal government has brought upon the American people, but falls short of putting our fiscal house in order. I would urge the Speaker and the President to adopt the Mack Penny Plan which effectively cuts up the government's credit card and takes us out of debt in eight years. House Republicans have put forth multiple plans to avoid default and get our fiscal house in order by cutting spending and implementing serious budget reforms. The President's lack of leadership and lack of a plan reminds me of Hans Christian Anderson's The Emperor's New Clothes."
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, U.S. Senators Enzi (R-WY), Rand Paul (R-KY), John Barrasso (R-WY),The One Cent Solution, The National Taxpayers Union, and FreedomWorks.
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.