As Congress faces a fast-approaching deadline on passing a federal spending bill, Republican lawmakers are reviving a Tea Party-backed plan with a catchy title that they claim could balance the budget.
The so-called “Penny Plan” would, according to its sponsors, balance the federal budget in two years by using just a 1 percent reduction in spending.
The lawmakers are pitching the plan in the simplest terms — cutting a penny from every dollar the government spends so that spending will soon equal revenue. They cast the plan as a pick-and-choose alternative to the sequester’s across-the-board budget cuts.
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