Political Quotes

“Madam President, today the Senate passed the Statutory Pay-As-You-Go Act of 2010 as an amendment to H.J. Res. 45. As chairman of the Senate Budget Committee, I ask that the following section-by- section analysis of that act be printed in the Record. There being no objection, the material was ordered to be printed in the Record, as follows: Section-by-Section Analysis of the Statutory Pay-As-You-Go Act of 2010 Section 1--Short Title: The title of this Act is the ``Statutory Pay-As-You-Go Act of 2010.'' Section 2--Purpose: The purpose of the Statutory Pay-As- You-Go Act (PAYGO) of 2010 is to reestablish a statutory procedure to enforce a rule of budget neutrality on new revenue and direct spending legislation. Section 3--Definitions and Applications: Section 3 sets forth definitions of terms used in the PAYGO statute. Many terms are defined by cross-references to the standard definitions used in other budget laws, including the Congressional Budget Act of 1974 and the Balanced Budget and Emergency Deficit Control Act (BBEDCA) of 1985. Terms that are of particular importance include: Budgetary effects. Budgetary effects are defined as the amount by which PAYGO legislation changes mandatory outlays or revenues relative to the baseline. The budgetary effects of changes in tax or mandatory spending law are measured relative to what revenues or mandatory spending would otherwise have been if not for the legislation, as measured by the baseline (as defined in section 257 of BBEDCA).…”