'Fiscal hawk Sen. RandPaul suggested a 'conservative alternative' to the debt deal. Paul's proposal, known as the 'Five Penny Plan of 2023,' would bring 'responsible reforms and necessary cuts' to government spending.' -CWTremo
As House Democrats and Republicans reached an agreement on the Fiscal Responsibility Act, fiscal hawk Sen. Rand Paul suggested a"conservative alternative" to the debt deal. Paul's proposal, known as the"Five Penny Plan of 2023," would bring"responsible reforms and necessary cuts" to government spending.
"Sixty percent of Americans say Congress should only raise the nation's debt ceiling if it cuts spending at the same time. I would guess the Americans answering that poll meant real cuts in spending, not an annual increase of 1% above already bloated levels of COVID-19 spending," Paul said in a press release.
The Five Penny Plan of 2023 would swap the two-year suspension of the debt ceiling included in the House bill with a $500 billion increase. Also, the plan would replace limits on discretionary spending with"caps on total on-budget spending," according to a press release.Paul's proposal would also reduce spending by $303 billion in the first year and trigger"automatic cuts through sequester if the government continues to spend at excessive levels.
The government's spending has reached record levels that threaten the country's sustainability in the future. Politicians have passed the buck for their excessive spending on future generations for far too long. The Five Penny Plan of 2023 is a start to correcting the bad choices of the past. It brings a conservative mindset to spending and helps repair the financial sins of our elected leaders to ensure future generations do not pay the price.
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