Republicans Revive Tea Party's 'Penny Plan' Ahead of Budget Negotiations

Would cut 1 percent of government spending over two years

As Congress faces a fast-approaching deadline on passing a federal spending bill, Republican lawmakers are reviving a Tea Party-backed plan with a catchy title that they claim could balance the budget.

The so-called "Penny Plan" would, according to its sponsors, balance the federal budget in two years by using just a 1 percent reduction in spending.