The federal government’s $15.36 trillion national debt now exceeds our nation’s Gross Domestic Product. This lunacy must stop. Private industries regularly balance their budgets by implementing real spending cuts. The federal government should hold itself to the same standard.
Congress has the power of the purse. I will encourage them to cut real spending by one-percent each year until the budget is balanced. This is commonly referred to as the “Penny Plan.” Cuts of one-percent per year is hardly austere and, if implemented soon, can balance the budget by 2019.