Enzi Wants Senate to Support His Penny Plan
U.S. Senator Mike Enzi, R-Wyo., is continuing the push for his Penny Plan this week.
In a letter to every member of the U.S. Senate, Enzi urged his colleagues to cosponsor the One Percent Spending Reduction Act of 2014, which he said would help reduce government spending by one percent for each of three years, resulting in a balanced budget.
The Penny Plan would cut a single penny from every dollar the federal government spends. When a balanced budget is achieved, the bill would place a cap on total spending each year at 18 percent of gross domestic product. Over a 10-year budget window, the bill would cut spending by about $7.6 trillion.
Enzi said the Penny Plan doesn’t mandate any specific cuts. Congress would have the authority to make targeted cuts and focus on the worst first, but would be required to meet the 1 percent overall cut.
Enzi introduced an updated version of his Penny Plan earlier this year and already has eight cosponsors. He’s hoping to add more with his letter to other senators.