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[Click here for a PDF version of this document.]1. It Would Cut Federal Spending By One Percent for Six Consecutive Fiscal Years. The Penny Plan would require Congress to cut just one penny out of each dollar it spends every year for six years. These gradual cuts over the next six years will balance the federal budget. 2. It Would Cap Overall Spending at 18 Percent of Gross Domestic Product (GDP) Starting in Fiscal Year 2018. Congressional spending consumes approximately 25 percent of GDP. Federal revenue from taxes over the past 40 years has averaged about 18 percent of...

Congressman Connie Mack did not vote to raise the debt ceiling before the August recess. He was looking for a long-term solution to the nation’s deficits, which are leading to unsustainable debt. After working with some grass-roots groups, Mr. Mack designed the “One Percent Spending Reduction Act,” or, the “Mack Penny Plan,” which, he says, will cut and cap federal spending, and balance the federal budget in eight years. In short, the “Mack Penny Plan” would: • Cut federal spending by 1% each year for 6 years • Cap spending at 18% of GDP in the 7th year • Balance...

Now that the national debt-ceiling deal is done — and liberals like me are unhappy and conservatives deservedly have more to cheer about — Thanksgiving 2011 will be more than about good turkeys. This is the deadline for the so-called “super” congressional committee of six Democrats and six Republicans from the House and Senate to cut at least $1.2 trillion in the projected budget deficit for the next 10 years. I favor at least one-half of this $1.2 trillion to be funded by a combination of tax reform — closing tax loopholes — and increases in marginal tax rates of...

The debt deal that passed Congress yesterday fails to address the fiscal crisis. How does it fall short? No Balance: The plan fails to achieve a balanced budget, or even to lay out balance as a meaningful goal. Without this goal, deficit spending will continue and the American people will fail to coalesce behind the effort. Too Small: As advertised, the spending cuts in this package are less than one-third of the total projected deficit over the next ten years, and the deficits ten years from now will still be measured in the hundreds of billions. Revenues: The plan opens...

Rep. Connie Mack says the American people want a solution to the debt and deficit problem, not more “gimmicks and schemes,” so the Florida Republican cannot vote for a compromise that ensures continued skyrocketing debt. I don’t think the American people are looking for a deal or a compromise — they’re looking for a solution to the problem,” Mack said today (snip) And with this plan moving forward, we ensure ourselves that we are going to have over $17 trillion in debt without solving the problem, which is cutting spending.” Read more on Newsmax.com: Rep. Mack: 'Gimmick' Deal Fuels Debt...

See the attached video from The Sean Hannity Show dated July 29, 2011 to discover more about Connie Mack's Penny Plan - a debt cutting plan backed by Freedom Works, a Tea Party associated organization. It's supported by Senator Rand Paul, more recently Congressman Marco Rubio, and many other conservative politicians and organizations. I'm challenging all FR readers to become more informed on this bill, The Connie Mack Penny Plan, also known as The 1% Solution and known in The House as H.R. 1848.