For a locally compact group
$G$, let
$A(G)$ be its Fourier algebra, let
${{M}_{cb}}A(G)$ denote the completely bounded multipliers of
$A(G)$, and let
${{A}_{Mcb}}\,(G)$ stand for the closure of
$A(G)$ in
${{M}_{cb}}A(G)$. We characterize the norm one idempotents in
${{M}_{cb}}A(G)$: the indicator function of a set
$E\,\subset \,G$ is a norm one idempotent in
${{M}_{cb}}A(G)$ if and only if
$E$ is a coset of an open subgroup of
$G$. As applications, we describe the closed ideals of
${{A}_{Mcb}}\,(G)$ with an approximate identity bounded by 1, and we characterize those
$G$ for which
${{A}_{Mcb}}\,(G)$ is 1-amenable in the sense of B. E. Johnson. (We can even slightly relax the norm bounds.)