House Passes Pay-As-You-Go (PayGo) legislation
The House of Representatives voted on Feb. 4 to restore a “common sense” spending law that helped eliminate budget deficits in the 1990s.
The Pay-As-You-Go Act of 2010 (H.J. Res. 45) requires both the House of Representatives and the Senate to pay for new spending with either a new source of revenue or a corresponding cut in another program.
“If you spend more money on one thing, you have to spend less on another; this is the same fiscal discipline that every family practices around their kitchen tables when they pay their bills each month,” said Congressman Jim Oberstar in a written news release.
In 1990, the bipartisan pay-as-you-go law was enacted by a Democratic Congress and a Republican President. In the decade that followed, this budget law helped turn a deficit of $600 billion in 1992 into a surplus of $237 billion in 2000, Oberstar’s press office notes in a written statement.
“In the House, Democrats revived the pay-as-you-go rule as soon as we regained the majority in 2007 and I am happy to see that the Senate has decided to follow suit,” Oberstar said in press release. “The passage of this legislation by both houses Congress means that fiscal discipline will be a statutory requirement.”
From our partners
Developing a solid relationship with Demolition Technologies Specialized Services enables Crushing Tigers…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- Two teens dead after falling through ice at quarry744 Views
- CRH emerges as frontrunner for Holcim and Lafarge assets550 Views
- MSHA files more discrimination complaints in 2014 than any other year305 Views
- Caterpillar full-year earnings dip with bad 4Q; 2015 doesn't look good either282 Views
- A. Colarusso and Son acquires Holcim land in NY135 Views