We Need the ‘Penny Plan’
Our debt has exceeded $21.5 trillion and continues to climb. While most politicians in Washington are a-okay with spending our country into oblivion, Sen. Rand Paul continues to push the budget that we have preferred for years – the Penny Plan. Sen. Paul recently reintroduced the Penny Plan in the US Senate, and yet again the majority of the Senate voted it down. When will our lawmakers take our federal debt seriously?
Sen. Paul’s plan proposed cutting two pennies for every federal dollar spent over the next five years to balance the budget by assuming the repeal of the Bipartisan Budget Act of 2018.
It would also make permanent the individual income tax reforms made possible by the 2017 Tax Cut and Jobs Act, and expand access to Health Savings Accounts, all while protecting Social Security.
Paul, R-Kentucky and chairman of the Federal Spending Oversight and Emergency Management (FSO) Subcommittee, put the U.S. Senate on the record by calling for a procedural vote on the bill June 3. Only 21 senators joined him by voting for fiscal responsibility, he says, “while 69 senators voted to continue the big-spending status quo.”
“I rise today to let the American people know that there are some of us left in Washington, some of your representatives, who actually do care about the mounting debt,” he said on the Senate floor. “When people say the government can provide you all these things, they can only do it by either taxing you or borrowing. Right now, we’re doing it mostly through borrowing.”
Adam Andrzejewski told The Center Square, “Sadly, nothing seems to unite members of both parties more than the joy of spending other people’s money. Senator Paul offered a reasonable plan to help get our runaway debt under control by reducing spending just two percent for the next five years. Yet, even members who ran on fiscal responsibility blocked his proposal from moving forward.”
If implemented, within five years after balancing the budget, Paul says his proposal would result in a $913 billion surplus.
It’s time to put a stop to the out-of-control spending and to pay down the outrageous national debt. The best way to do that is by passing the Penny Plan.