Politics

Pay-As-You-Go On Way To President

This afternoon, the House passed the Statutory Pay-As-You-Go Act 2009. By restoring 'pay-as-you-go’ (PAYGO) budget discipline — which has been the rule of the House since Democrats took control in 2007 — as the law of the land, we are returning to the basic rule for every family budget: you don’t spend money you don’t have. The bill requires Congress to offset the costs of tax cuts or increases in entitlement spending with savings elsewhere in the budget, except for a few items extending current law. If the net effect of all legislation enacted during a session of Congress increased the deficit, there would be an across-the-board reduction in certain mandatory programs. Learn more about the legislation

Speaker Pelosi in support:

Read the Speaker’s full remarks

Full post as published by The Gavel on February 05, 2010 (boomark / email).