On the recordFebruary 4, 2010
Under President Clinton, PAYGO helped turn record deficits into a $5.6 trillion projected surplus. We also know that PAYGO was disregarded, waived and finally allowed to expire under the last administration. And as I have pointed out on this chart, our deficits exploded and, indeed, our economy was hurt as well as those deficits exploded. Some argue that the PAYGO legislation on the floor today is too weak. But I'd point out that it brings our country more fiscal discipline than it has seen in nearly a decade. The perfect ought not to be the enemy of the good. PAYGO can't get us out of our fiscal hole, but it can keep us from digging it deeper. When my Republican colleagues raise their concerns about our growing debt, I absolutely agree with them. They're right. All of us understand this debt is not sustainable. But it's not enough to complain about the debt; we have to do something about it. If my colleagues are sincere in their concerns, I hope they'll work with us to pass PAYGO and contribute to the bipartisan fiscal commission announced by President Obama. America's dangerous fiscal condition threatens our prosperity and our place in the world.
