>> sean: now, that the senate has tabled speaker boehner's debt bill attention is turning to other legislation. one that is gaining momentum is called the 1% spending reduction act. also known as the mack penny plan. plans to balance the federal budget in 8 years through three simple steps. cutting spending by 1% every year for the next six years. capping spending by 20% of gdp in 2018 and reducing overall spending by $7.5 trillion over ten years. it was introduced by wyoming senator a few weeks guy. it is already enjoying the support of at least 43 cosponsors in the house a handful of senators including rand paul who insists this is the only plan currently on the table proprosing real cuts.
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