With no solution to the financial mess in Washington put forth by the dysfunctional Super Committee in Congress, Congressman Connie Mack (FL-14) issued the following statement:
"Any plan that would increase taxes and government spending would fail the American People: and ultimately it has taken the failure of the dysfunctional Supercommttee for Congress to again see the only path they can take. The Mack Penny Plan was and is the only road map out there that forces Congress to make needed tough budget cuts, reduces government spending, and brings our budget into balance within eight years."
Presently the Mack Penny Plan enjoys the support of nearly 70 co-sponsors in the U.S House; the backing of the Republican Study Committee's 103 Members, eight U.S. Senators, including: Marco Rubio (FL) and Rand Paul (KY), 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