--Introduced by Rep. Mack (R-FL), H.R. 1848, the One Percent Spending Reduction Act of 2011 would balance the federal budget beginning in FY 2019 by cutting spending by one percent each year for six fiscal years and capping overall spending at 18 percent of Gross Domestic Product (GDP) beginning in FY 2018.

--It would reduce overall federal spending by $7.5 trillion over the next ten years. Reducing spending to 18 percent of GDP by 2018 is a good start.

--Washington is on an unprecedented spending binge. Our national debt has skyrocketed to nearly $14.4 trillion. The Republican Study Committee has listed the One Percent Spending Reduction Act as a bold solution in their “Cut, Cap and Balance” proposal letter to House leadership. Using the Ryan budget’s tax policies, the One Percent Spending Reduction Act would bring the budget into balance by 2019.

--The one percent spending cuts will be achieved one of two ways. The Congress and the President could work together to cut federal spending by one percent each year. If they are unable to reach a compromise, the bill triggers automatic, across-the-board spending cuts to ensure the one percent reduction is met. 

Click here to see FreedomWorks' letter in support of the One Percent Spending Reduction Act of 2011.