S.C. Sen. Larry Grooms has endorsed the “penny plan,” an effort to balance the federal budget within six years by cutting a penny out of every dollar government spends over that time period.
“Our deficits are outrageous,” Grooms said in endorsing the proposal. “Last year the deficit was more than one trillion dollars. The federal debt – accumulated deficits – is above $16 trillion.”
According to Grooms, the “penny plan” would reverse this trend by shrinking government gradually over a six-year period – which is why the proposal has been endorsed by fiscal conservatives like U.S. Senators Rand Paul and Marco Rubio.
Who hasn’t endorsed the proposal? Grooms’ opponents in the South Carolina first congressional district race. In fact Grooms’ campaign chided the other candidates for this seat for saying the penny plan “needed further study.”
“Perhaps its the others in the race who need ‘careful study,'” a release from Grooms’ campaign noted.
“It does what everyone knows needs to be done—sets the federal government’s fiscal house in order and restrains government to a reasonable share of GDP,” the plan’s official website explains.
Grooms is one of sixteen candidates seeking the GOP nomination for the first congressional seat vacated earlier this year by newly appointed U.S. Sen. Tim Scott. The winner of the Republican primary will face Elizabeth Colbert-Busch, sister of comedian Stephen Colbert, in a special election in May.