Blake Moore: “PAYGO, the PAYGO rule that we are proposing here today, does not stop new tax cuts. All it says is that if we are going…”

“PAYGO, the PAYGO rule that we are proposing here today, does not stop new tax cuts. All it says is that if we are going to have a new tax cut, we have got to cut spending; and if he talks about discipline, he should practice what he preaches. If he wants a new tax cut, he should say here is how we are going to pay for it. I voted for the President's tax cut 3 years ago. We were in surplus mode at that time, but now we are in deficit mode. Chairman Alan Greenspan of the Federal Reserve Board has testified... if we are not in a fiscally responsible position when this economy takes off, interest rates could climb rather dramatically, and we should not let that happen. It could be devastating for business, for the real estate industry, for consumer borrowing, and for people in this country. Chairman Greenspan has said over and over, we should have budget enforcement rules, PAYGO rules, that apply not only to new spending but to tax cuts.”