WASHINGTON – U.S. Senator Mike Lee (R-UT), along with Senator Jeff Merkley (D-OR), introduced the Make Sense Not Cents Act today to save taxpayers millions annually by ending production of the U.S. penny.

Because each penny currently costs nearly 4 cents to produce, ending their production is estimated to save American taxpayers over $85 million each year. The Make Sense Not Cents Act would eliminate this government waste by prohibiting the federal government from spending another cent from taxpayers on costly penny production.

“Minting pennies costs the American taxpayer millions every year – nearly four times more than the pennies are worth,” said Senator Mike Lee. “No private business would produce something at a 4x loss. It’s time to stop wasting Americans’ hard-earned tax dollars making overpriced pennies.”

“It’s the opposite of ‘common cents’ for taxpayers’ dollars to fund wasteful spending like producing pennies,” said Merkley. “The Make Sense Not Cents Act will save taxpayers millions—and that is something that both Democrats and Republicans support to seriously take on government waste.”

To read the full text of the Make Sense Not Cents Act, click here.

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