Rep. Nancy Mace Introduces Penny Plan to Balance Budget

“Today the President released his massive 5.8 trillion budget request to Congress. Despite our debt now topping over $30 trillion, the Administration is still calling for massive federal spending initiatives. I am happy to introduce companion legislation in the House to bring some fiscal sanity to Washington.

Four years ago, we could have balanced the Federal budget by freezing spending; then, by subtracting a penny from every dollar spent. Today the debt is so high – growing $3 trillion in just the past year – that we would need to cut five and a half pennies from every dollar spent in order to balance the budget. Inflation is at a 40 year high and Congress continues to spend as if the bill will never come due.”