On the recordMarch 29, 2004
A lot of speeches were made, a lot of promises were made, but one of the things that was not a part of the budget resolution last week was pay-as-you-go. Now, our friends on the other side of the Capitol, the other body, in passing their budget they suggested that pay-as-you-go would be a good policy; and they included everything. In my opinion, unless we have everything on the table, spending and revenue, pay-as-you-go will not work as well in 2004 as it did in the 1990s. There are those that believe there should be a difference. They are the same ones that have succeeded in passing three budgets now in the last 3 years that have given this country the largest fiscal deficits in the history of our country. We borrowed $1 trillion in the last 2 rac{1}{2} years. We are going to borrow another trillion dollars in the next year and a half.
Source
govinfo.gov
