Forget Congress! Should citizens pay off debt $1 at a time?

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Forget Congress! Should citizens pay off debt $1 at a time?

Retired Army captain proposes plan

This is a rush transcript from "Your World," December 27, 2012. This copy may not be in its final form and may be updated.

ERIC BOLLING, GUEST HOST: Amid all this fighting in Washington, my next guest has a plan to fight the nation's debt, and it doesn't rely on Congress at all.

Scott Soucy wants to pay it off one dollar at a time. The retired Army captain and small business owner joins me now.

Now, Soucy, I met you in the green room over there. I think I met you in makeup. And you said -- guys -- that's unusual, for two guys to meet in a makeup room. True.

SCOTT SOUCY, OWNER, SECURE TRANSPORT, LLC: First time, first time makeup.

BOLLING: Now you're a headliner. You're seven-and-a-half, eight minutes into a show, big show, and you're wearing "I'm a limo guy" green T- shirt?

SOUCY: I am a limo guy.

And, listen, that's the beauty of this program, Eric, is that even though...

BOLLING: What is the program? Let's get that out there.

SOUCY: Here's the program.

The program is, I want one dollar from every one of your paychecks. That's it. OK, so there are four debt buster -- four debt buster months in a year. And so if you get paid twice in a month, I'm looking for $8 out of you, Eric. Can you do it?

BOLLING: OK, well -- OK, sure I can do that.

SOUCY: OK.

BOLLING: But why would I?

So every working man, woman and even a minor, anyone working, is going to give you a dollar?

SOUCY: No.

BOLLING: Give a fund a dollar per paycheck?

SOUCY: One dollar per paycheck, that's it. And we show you how to do it. We show you how to send your eight bucks in a year, Eric, to the Bureau of Public Debt in Parkersburg, West Virginia. OK? So, that's all of us as citizens. So, how many -- what do you think, about 220 million citizens can participate?

BOLLING: Now, wait a minute. I did some math on this.

SOUCY: OK.

BOLLING: I got to tell you, Scott, there's 153 million people in the work force.

SOUCY: So, you do the math on that.

BOLLING: I'll do it for you.

SOUCY: Go ahead.

BOLLING: There's a problem.

SOUCY: What is the problem?

BOLLING: It's $7.95 billion a year if everyone pays a dollar every single week of a year.

SOUCY: So that's $8 billion just from the citizens.

Now, me as a debt buster company -- so here's the beauty of it.

BOLLING: OK.

SOUCY: Me, as a debt buster company, four months of the year, if there are companies out there doing million-plus transactions that are over $10 per transaction, all I'm looking for is one buck. So, me as a small company, if I do 100 transactions in a month, I pool that money together. Now you're into the trillions.

(CROSSTALK)

BOLLING: You're a good guy, Scott. You're a business owner. You're a former serviceperson.

SOUCY: Yes, sir.

BOLLING: I love you for all that. I hate you for taxing me more than I'm already taxed.

SOUCY: And that's -- that's -- and, Eric, here's the thing.

What I want people to -- I don't want people to get all excited about this "fiscal cliff." Right?

(LAUGHTER)

SOUCY: And so you laugh, right.

BOLLING: I'm not laughing.

(CROSSTALK)

BOLLING: Look, if you are going to take a dollar out of every one of my pay -- that's a tax.

SOUCY: And I understand. And I would rather self-impose a tax than be forced to do something. All right?

And, therefore, you're going to want to do it. For me now, it becomes muscle memory, really. And once you try it, you will feel this tremendous patriotism. And it is just going to be...

(CROSSTALK)

SOUCY: ... common in muscle memory.

BOLLING: Soucy, did you hear that lieutenant colonel representative say we don't have a tax problem, we don't have a revenue problem, we have a spending problem?

SOUCY: And that's it.

BOLLING: This doesn't address any of the problems that's going on in Washington. These guys are spending all our money wantonly. That's the problem.

SOUCY: And, again, once we band together, companies and citizens, we're talking about trillions.

So we have to stay focused on the endgame, OK? Listen, we need additional receipts, period. That's a known. Right? And it's going to happen for a period of time through -- yes -- so, through imposed taxes.

BOLLING: You're a business guy.

(CROSSTALK)

BOLLING: We're running out of time. But you're a business guy, right?

SOUCY: Yes, sir.

BOLLING: If you're taking in a lot of money, but spending more, but you're still taking in more money every year...

SOUCY: Exactly.

BOLLING: ... you have to worry about the spending side, Scott, not the revenue side.

SOUCY: This good faith -- Eric, this good faith program that I started is going to force our elected officials to do something. We will hit it at the top. They hit it at the bottom. We will meet somewhere in the middle. Three to five years, we will have our debt paid off.

BOLLING: Hey, Soucy, how much did you put it? How much have you, Scott Soucy, personally contributed to our $16.3 trillion debt?

SOUCY: Right around 500 bucks.

BOLLING: All right, all right, putting your money where your mouth is.

SOUCY: Putting my money where my mouth is. And I can't wait until the next debt buster month. Join me.

BOLLING: Got to leave it there. Scott Soucy, thank you.

SOUCY: Thank you, Eric.

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