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Published On: Tue, Apr 2nd, 2019

Balanced Budget: Sen Rand Paul introduces ‘Pennies Plan’

Kentucky Senator and chairman of the Federal Spending Oversight and Emergency Management (FSO) Subcommittee for the Homeland Security and Governmental Affairs Committee (HSGAC), Dr Rand Paul introduced his “Pennies Plan” federal budget Monday to get Washington’s spending under control and make it a more efficient and effective steward of the American people’s tax dollars.

Rand Paul on Senate floor/Video Screen Shot

“A balanced federal budget isn’t a pie-in-the-sky dream or empty rhetoric. Once again, I am introducing a concrete plan that is achievable and allows Congress maximum flexibility to prioritize spending. It leads the way toward fiscal responsibility, an even stronger economy, and a future full of opportunity for the American people,” said Dr. Paul.

The budget proposal is simple: For every on-budget dollar the federal government spent in Fiscal Year 2019, it spend two pennies fewer a year (a cut of two percent per year) for the next five years (at which point balance is reached), with spending then growing at two percent for five years afterward.

In a nutshell, the budget plan would reduce spending by $183.1B in FY20 and by $11.3T over 10 years relative to baseline. It also balances without making any changes to Social Security.

 

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