Wyoming U.S. Senators Mike Enzi and John Barrasso helped introduce a bill this week that aims to end the nation’s budget deficits in just two years. The senators said they could end the nation’s long tradition of spending more than we have by using their “Penny Plan” or the One Percent Spending Reduction Act of 2013.
“Under the Penny Plan we will just take a single penny from every dollar that the government spends each year for two years,” said Enzi when he addressed his constituents on Friday in an online video. “There shouldn’t be any fudging of the numbers, no smoke and mirrors. Just look at the numbers and do it.”
The plan doesn’t mandate any specific cuts. Instead, Congress could make targeted cuts and focus on the worst first, so long as the overall cut is one percent.
The bill would also place a cap on total spending each year a balanced budget is achieved. The new level of spending would be roughly 19 percent of America’s total economic output. The senators say in a release that over a ten-year budget window, the bill could cut spending by about $5.8 trillion from currently projected levels.
Similar legislation has been introduced in the U.S. House by Georgia Representative Austin Scott.