Debbie Wasserman Schultz: “What we advocate is going back to the PAYGO rule, and again, to translate that into terms that most people understand…”

“What we advocate is going back to the PAYGO rule, and again, to translate that into terms that most people understand and deal with every day, you do not spend more than you have. You make sure you have the revenue coming in for the money that you are going to put out. Listen, there are people in everyday life in America that struggle with that every single day, but most people think it is totally irresponsible. Even if they are engaging in it in their own house, they think it is the wrong thing to do, to spend what they do not have. I do not know in America that anyone has the ability on their own to raise their debt limit in their household. Can you imagine, you reach a point in your day-to-day life and you are going along and you have a certain amount of money that you earn. You have a certain amount of credit. Let us say you have a couple of credit cards. When you reach the debt limit on your credit card, the maximum that the credit card company will allow you to put on that card, unless you ask permission from the credit card company, you cannot do that usually, depending on your track record. If you compare the track record of the United States of America recently, you know, we are not doing so good because we are not getting a handle on this. Most credit card companies would say, no, we are going to stop you at a certain point and not let you raise your debt limit.”