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Letter to Senators Jeb Hensarling and Patty Murray, Co-Chairs of the Joint Select Committee on Defecit Reduction

Letter

By:
Date:
Location: Washington, DC

Congressman Connie Mack (FL--14) and Senator Mike Enzi (R--WY) today sent a letter to the Joint Select Committee on Deficit Reduction today to encourage members to solve our country's massive deficit crisis and adopt the Mack Penny Plan as a framework for balancing the federal budget.

Mack and Enzi, the authors of the Mack Penny Plan formally known as the "One Percent Spending Reduction Act," noted that if the committee doesn't "go really big" and make the serious cuts that are necessary, "our children and grandchildren will have no choice but to make deeper and more painful cuts down the road."

The letter continues: "While we fully acknowledge that tough decisions need to be made to balance the budget, Americans know that doing anything less means we will continue to face deficits and mounting debt. Individuals, families, and small businesses across the country have had to find ways to cut a penny or more out of their household or business budgets, and we believe the Joint Select Committee on Deficit Reduction can do the same for our country."

Presently the Mack Penny plan enjoys the support of nearly 70 co-sponsors in the U.S House and seven key U.S. Senators and the backing of the Republican Study Committee and grassroots organizations, including FreedomWorks, the National Taxpayers Union, and the One Cent Solution.

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.

The letter concludes, "We urge you to adopt the principles of the Penny Plan and balance the federal budget. Let us act now to get America's fiscal house in order and put our nation on a path to economic freedom."

The full text of the letter is below:

October 13, 2011

The Honorable Jeb Hensarling, Co-Chair The Honorable Patty Murray, Co-Chair

Joint Select Committee on Deficit Reduction Joint Select Committee on Deficit Reduction

129 Cannon House Office Building 448 Russell Senate Office Building

Washington, D.C. 20515 Washington, D.C. 20510

Dear Representative Hensarling and Senator Murray:

In recent weeks, the Joint Select Committee on Deficit Reduction has been encouraged to "go big" by developing a deficit reduction package that exceeds the minimum targets included in the Budget Control Act. We, too, are writing to urge you to "go big" -- really big -- and establish a framework for balancing the federal budget by adopting the principles of the One Percent Spending Reduction Act, commonly known as the "Penny Plan."

By reducing overall spending by one percent each year for the next six years, the Penny Plan would take spending down to 18 percent of gross domestic product, cap it at that level, and balance the budget by bringing spending in line with the 30-year historical average for revenue. This combination of gradual reductions and overall spending caps provides a reasonable way to bring spending under control and keep it there.

While we fully acknowledge that tough decisions need to be made to balance the budget, Americans know that doing anything less means we will continue to face deficits and mounting debt. Individuals, families, and small businesses across the country have had to find ways to cut a penny or more out of their household or business budgets, and we believe the Joint Select Committee on Deficit Reduction can do the same for our country. The costs of waiting to make the difficult choices are too high, as our European friends are discovering. If we do not make serious spending cuts now, our children and grandchildren will have no choice but to make deeper and more painful cuts down the road.

The time is ripe for the Penny Plan. It is simple. It is effective. And it enjoys the support of over 70 members of both chambers of Congress, dozens of economists, and grassroots organizations, such as the One Cent Solution, the National Taxpayers Union, and FreedomWorks, whose members span the country.

The Joint Select Committee has an opportunity to "go really big" and address the deficit crisis our nation faces. We urge you to adopt the principles of the Penny Plan and balance the federal budget. Let us act now to get America's fiscal house in order and put our nation on a path to economic freedom.

Thank you for your consideration.

Sincerely,

____________________ ____________________

CONNIE MACK MICHAEL B. ENZI

Member of Congress United States Senator


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