U.S. Rep. Nancy Mace (R-SC) on Monday introduced companion legislation in the U.S. House of Representatives that would balance the federal budget within five years.
The Penny Plan to Enhance Infrastructure Act of 2022, which has not yet been assigned a number in the congressional record, is a companion bill to the same-named S. 232, introduced in February 2021 by U.S. Sen. Rand Paul (R-KY).
“Today the president released his massive $5.8 trillion budget request to Congress,” Rep. Mace said on Monday. “Despite our debt now topping over $30 trillion, the administration is still calling for massive federal spending initiatives.
“I am happy to introduce companion legislation in the House to bring some fiscal sanity to Washington,” she said. “Four years ago, we could have balanced the federal budget by freezing spending; then, by subtracting a penny from every dollar spent.”
But Rep. Mace added that now the debt is so high, growing $3 trillion during the past year, that Congress would need to cut five and a half pennies from every dollar spent in order to balance the budget.
“Inflation is at a 40-year high and Congress continues to spend as if the bill will never come due,” she said.
If enacted, the bill would establish discretionary spending limits for fiscal years 2022 and 2023.