Congressman Connie Mack, R, from the 14th Congressional District in Florida has introduced The Mack “One Percent Spending Reduction Act of 2011” (H.R. 1848)
This genius, elegant, beautifully simple plan is one that is not only fiscally sound, but easy to understand.
From Congressman Mack's website, here is his brief synopsis of the bills key provisions:
One Percent Spending Reduction per Year: The Mack One Percent bill cuts total spending – mandatory and discretionary – by one percent each year for six consecutive fiscal years, beginning in fiscal year 2012.
•FY 2012 – $3.382 trillion*, less one percent => $3.348 trillion cap
•FY 2013 – $3.348 trillion, less one percent => $3.315 trillion cap
•FY 2014 – $3.315 trillion, less one percent => $3.282 trillion cap
•FY 2015 – $3.282 trillion, less one percent => $3.249 trillion cap
•FY 2016 – $3.249 trillion, less one percent => $3.216 trillion cap
•FY 2017 – $3.216 trillion, less one percent => $3.184 trillion cap
Overall Spending Cap in FY 2018: The bill sets an overall spending cap of 18 percent of GDP beginning in fiscal year 2018.
Enforcement of Spending Cuts: The one percent spending cuts would be achieved one of two ways: either 1) Congress and the President work together to enact program reforms and cut federal spending by one percent each year; or 2) If Congress and the President fail to do so, the bill triggers automatic, across-the-board spending cuts to ensure the one percent reduction is realized.
*Congressional Budget Office March 2011 Baseline for Total Outlays minus Net Interest
Furthermore it laws out a clear plan to bring this nation out of economic chaos and to clear fiscal solvency, by paying off our Nation's colossal debt.
All of the official information regarding “One Percent Spending Reduction Act of 2011” (H.R. 1848) can be found at the Library of Congress.
Since being introduced on May 11, 2011 the Mack Bill has gained 46 Co-sponsors .
The following Organizations support H.R.1848, National Taxpayers Union, One Cent Solution, and
Freedom Works . This list needs to be longer! If your favorite Conservative Organization does not back this sound and simple plan it is time to urge the Board of Directors to do so support this bill.
8/5/2011 To show your support for the One Cent Solution please sign up At the One Cent Solution Action Center that can be found here: http://www.onecentaction.org/
If not now, when will our elected officials, protect this nation with fiscal solvency?