Congressman Connie Mack (R-FL-14) has proposed the “One Percent Spending Reduction Act of 2011” - H.R. 1848 - which he claims will achieve a balanced federal budget beginning in 2019 by bringing federal spending down to average federal revenue over the past 30 years, which is 18% of GDP.
And from what I see, folks, I support this bill. Indeed, why limit the cuts to one percent? Why not two percent...?!
Oh... I checked the co-sponsors... of course my Congresswoman - Nan Hayworth (R-NY-19) - apparently does not support this bill as her name is absent from the list of sponsors/co-sponsors.
Oh... and just to note... yes, Boehner, Cantor, and McConnell over in the Senate all know of this bill yet none are backing it. (Draw your own conclusions...)
KEY PROVISIONS:
One Percent Spending Reduction per Year:
The Mack One Percent bill cuts total spending – mandatory and discretionary – by 1% each year for six consecutive fiscal years - beginning in fiscal year 2012.
FY 2012 – $3.382 trillion* less 1% = $3.348 trillion cap
FY 2013 – $3.348 trillion less 1% = $3.315 trillion cap
FY 2014 – $3.315 trillion less 1% = $3.282 trillion cap
FY 2015 – $3.282 trillion less 1% = $3.249 trillion cap
FY 2016 – $3.249 trillion less 1% = $3.216 trillion cap
FY 2017 – $3.216 trillion less 1% = $3.184 trillion cap
(*Congressional Budget Office March 2011 Baseline for Total Outlays minus Net Interest)
Overall Spending Cap in FY 2018 -- The bill sets an overall spending cap of 18% of GDP beginning in fiscal year 2018.
The 1% spending cuts would be achieved one of two ways: either:
1) Congress and the President would work together to enact program reforms and cut federal spending by 1% each year; or 2) If Congress and the President fail to do so, the bill triggers automatic, across-the-board spending cuts to ensure the 1% reduction is realized.
Well, folks... what do you think?
Ask yourselves, folks... if this is the first you're hearing of this bill... why is that...? How could this be...?
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