The one cent solution focuses only on cutting costs. To be a fair proposition, it should include increasing revenues by the same minuscule amount.
As an example ask for a one percent increase in taxes for entities with income/profit over $10 million. That should fix our problems in less than half the time. No entity with that kind of income will notice that kind of minuscule reduction, our economy gets back to a healthy state and we are all happy!
Left only as a cutting tool, it will not survive the fairness issue. I am surprised this is not self-evident.