Greater Cheyenne Chamber of Commerce Business Journal and Other Publications Quarter 4 2016 Business Journal | Page 13

YOUR GOVERNMENT

A Simple Solution to
Balance the Budget:
One Penny at a Time
SENATOR MIKE ENZI

As I travel across Wyoming, I hear concerns from residents and

It seems many people think we can keep overspending, creating

business owners who are worried about the nation’s $19 trillion

more and more debt, without worrying about the consequences.

debt and the consequences our country will face if we continue to

Well there are going to be consequences and there won’t be any

overspend. The federal government could learn a thing or two from

easy solutions if we don’t start controlling our spending now. The

the state of Wyoming about making tough financial decisions. If

truth of the matter is that within ten years, the country may only

Wyoming can find ways to cut its budget, the federal government

be able to pay for interest on the national debt, entitlements and

should be able to do the same.

nothing else. We can’t spend our way to prosperity and ignoring it
won’t make it go away.

That is why I introduced the One Percent Spending Reduction Act,
or “Penny Plan”, to help curb Washington’s insatiable appetite to

Congress’ top priority should be to instill confidence in our nation’s

overspend. The Penny Plan is a simple and smart solution that

ability to appropriately manage our debt and prove the U.S. can

would balance the budget by cutting one percent of government

live within its means and pay our bills with the money we have.

spending for five years straight. This would be the same as cutting

Now is the time to act, while we still have options.

a single penny from every dollar the government spends
each year.
Though only a one percent cut, the savings add up quickly to
balance the budget. The Penny Plan doesn’t mandate any specific
cuts. Congress would have the authority to make targeted cuts
and focus on the worst first as long as we cut one percent overall
each year. When a balanced budget is achieved, the bill would
place a cap on total spending each year at 18 percent of gross
domestic product.

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