Mike Thompson: “Mr. Speaker, PAYGO is a budget enforcement tool that has both a history of success and a history of bipartisan support.…”

“Mr. Speaker, PAYGO is a budget enforcement tool that has both a history of success and a history of bipartisan support. In its original form, PAYGO was part of an agreement between the first President Bush and a Democratic Congress. A Democratic President and Congress extended it in 1993, and a Democratic President and Republican Congress extended it in 1997. Unfortunately, it was allowed to expire in 2002 and the results have been a disaster. Deficits and debt have reached historic levels and the debt limit has been raised four times. This rule takes the first step toward restoring fiscal responsibility in the Federal Government by requiring the House of Representatives to pay for the bills that we pass. I urge all my colleagues on both sides of the aisle to support the passage of this rule.”