Russ Feingold: “I thank my cosponsors, Senators Conrad, Chafee, Obama, and Salazar. This is a good old-fashioned, classic pay- go…”

“I thank my cosponsors, Senators Conrad, Chafee, Obama, and Salazar. This is a good old-fashioned, classic pay- go amendment. This is the rule under which we used to operate. It is very simple. Under this pay-go amendment, you pay for what you want. If you want to increase entitlement spending, you have to pay for it. If you want to cut taxes, you have to pay for it. With the help of this budget rule, we actually balanced the Federal books, and we did so without using the Social Security surplus. Without this rule, we have been driven back into the deficit ditch. We have begun to pile up record amounts of debt that our children and grandchildren will have to pay. I urge my colleagues to support this time-tested, commonsense rule. The PRESIDING OFFICER. The Senator from Iowa.”