Paul Ryan: “Mr. Panetta said, ``We should set aside a specific amount of the projected budget surplus for either use on entitlement…”

“Mr. Panetta said, ``We should set aside a specific amount of the projected budget surplus for either use on entitlement programs or tax cuts, and Members can then fight on how that should be done. But to establish a pay-go account for that purpose and if that pay-go account is exceeded, you then have to pay for any additional spending above that limit.'' Mr. Chairman, this is precisely what my amendment does. It is an amendment that has been endorsed effectively by Mr. Panetta, the former chairman of the House Committee on the Budget, the former chairman of the Office of Management and Budget. To respond to the gentleman from Texas, who is a thoughtful gentleman on these issues, I say that we are always passing tax relief packages here in the House. The only difference that this amendment presents is that if constituents, taxpayers continue to overpay their tax, that should be factored into it. We should not spend the money on discretionary spending if it shows up in town, if we have brand new surpluses.”