WASHINGTON, D.C. – Around 5:30 pm eastern today, the U.S. Senate will hold a vote on invoking cloture on the motion to proceed to U.S. Senator Rand Paul’s (R-KY) Pennies Plan balanced budget (S. 1332), which will put the Senate on record on reining in spending, ending skyrocketing deficits, and making better use of taxpayer resources.
“We teach our children that money doesn’t grow on trees, and then they grow up watching politicians pretend otherwise. Meanwhile, our debt soars past $22 trillion, endangers our country, and artificially limits what our nation can achieve. Today, the U.S. Senate can vote to put a stop to it and change course,” said Sen. Paul.
As spending and debt continue to skyrocket, Senator Paul’s budget simply states that 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 – without touching Social Security). In the following five years after it balances, the proposal would result in a $913 billion surplus.
The Pennies Plan budget provides legislators with full flexibility to make the best decisions on where to cut, setting a goal of balance and then calling on Congress to use the tools provided to make the changes in law needed to achieve that objective.
The plan requires each committee with mandatory spending to be involved in the reconciliation process, as was the process’ original purpose. It also facilitates needed budget process reform, raising the waiver threshold for all budget points of order so the Senate is held to a higher standard and making the budget spending totals enforceable for 10 years instead of just one.
Senator Paul’s legislation also includes instructions that would help pave the way for making the middle-class tax cuts permanent and further expanding access to Health Savings Accounts (HSAs).