For years, Sen. Rand Paul (R-Ky.) has been advocating a plan to reel in federal spending. This year, with inflation at a 40 year high, Congress adding approximately $11 trillion to the federal debt, and the annual structural deficit being doubled, Paul is once again pushing a bill which he thinks can save the catastrophe America’s budget has descended into.
His proposed “Six Penny Plan” is to reduce six pennies for every dollar spent from the federal budget. With that spending cut, he claims that $298 billion would be saved in the first year and $16.1 trillion in total over 10 years. The plan will balance the federal budget in five years Paul promises.
When Paul first proposed the plan five years ago, the cut would only have to have been a penny per dollar, but things have significantly changed since then.
“Five years ago, we could balance our budget with a freeze in spending without cutting anything.” Paul explained according to the Washington Examiner, “Since then, our debt has skyrocketed to $30 trillion with $2 trillion just from this past year. We are now in a situation that a simple penny, two, three, or even a five pennies per-dollar reduction is insufficient to balance our budget. It requires six."
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“Not one Democrat or Republican has proposed a budget for our country. I have.” Rand said, advertising his plan on a Twitter post.
Not one Democrat or Republican has proposed a budget for our country. I have. Here’s my plan: Cut 6 pennies per dollar spent and we balance our budget in 5 years. If American families must balance their budgets, then so should their government. https://t.co/wh5rEqjRfd
— Rand Paul (@RandPaul) June 14, 2022
The Taxpayers Protection Alliance (TPA) announced its support for the “Six Penny Plan” on June 7th. TPA, is a nonprofit, nonpartisan organization which has dedicated itself to educating the public on the effects of the government’s spending on the economy.
In a statement released on their website, TPA president David Williams said:
Senator Rand Paul has been raising the alarm on the federal deficit with his Penny Plan since 2017, and had Congress listened then, we could have a balanced budget today. Instead, we’ve seen Congress exacerbate inflationary pressures with unprecedented spending levels. Senator Paul’s plan would allow Congress flexibility to address the nation’s issues by focusing on topline spending cuts and preventing the reckless spending we see today.
Williams concluded the statement, saying, “Across the country, Americans are cutting their costs in response to inflation. Is it so much to ask the federal government to do the same? As President of Taxpayers Protection Alliance, I thank Senator Rand Paul for this commonsense solution to balance the budget and protect taxpayers.”
Let’s watch and see how Congress responds.
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