On the recordFebruary 3, 2010
The House this week will consider legislation reestablishing statutory pay-as-you-go. That's PAYGO. In 1990, the Clinton administration turned the deficit into a record surplus, due in part by adhering to PAYGO, a principle that compels Congress to pay for what we buy. However, under a Republican President in Congress, PAYGO was waived and allowed to expire, clearing the way for policies that wiped out $5.6 trillion of surplus and a huge debt financed by tax cuts for the wealthiest Americans that will have to be paid by the next generation. Restoring our national fiscal health will not be quick or easy, but restoring PAYGO is an important step towards that goal. PAYGO has a history of bipartisan support. Democrats hope the Republicans will join us this week in supporting this proven tool for fiscal responsibility. I hope that they will not continue to be the Party of 'No' and they'll have the principles invoked for PAYGO.
Source
govinfo.gov
