Alcee Hastings: “Pay-as-you-go was the law of the land from 1990 until 2002, paving the way for a balanced budget in the late 1990s, 4…”

“Pay-as-you-go was the law of the land from 1990 until 2002, paving the way for a balanced budget in the late 1990s, 4 years of budget surpluses, and bringing down the national debt by $453 billion. The Bush administration has turned a projected 10-year $5.6 billion surplus into a nearly $3 trillion deficit. America's debt has already climbed 50 percent to more than $28,000 per person, and President Bush has borrowed more from foreign nations than the previous 42 United States Presidents combined. Something has to change and that change is coming now. The pay-as-you-go budgeting with no new deficit spending is just a first step, a key first step, in reversing record budget deficits.”