|
For the past ten years, I have been outspoken in Congress about one of the issues that I believe is most detrimental to our country's long term health-our out-of-control national debt now rapidly approaching $9 trillion. On the second day of the 110th Congress, fiscal conservatives, including myself, made a huge stride to rein in our national debt with the passage of pay-as-you-go budget rules, commonly known as PAYGO. This marks the first and most important step to ending record budget deficits and curbing our national debt.
PAYGO prohibits Congress from spending on credit, a practice we all know to be unwise and fiscally unhealthy, and requires that Congress have the funds to pay for any new spending. This common-sense practice is followed by families, farmers, and small business owners in North Florida every single day and should be practiced by the federal government as well.
The pay-as-you-go concept was originated in the late 1980s by Democrats looking for ways to reduce the deficit. It was first embraced by President George H. W. Bush in the Budget Enforcement Act of 1991. PAYGO then was adopted by President Bill Clinton in his deficit-reduction budget of 1993 and extended by President Clinton and Congress in the bipartisan Balanced Budget Act of 1997. With PAYGO rules on the books from 1990 to 2002, we saw deficits disappear, huge projected budget surpluses, and rapid economic growth. Following the expiration of PAYGO in 2002, a budget with a surplus of $236 billion in 2000 was in deficit by $413 billion in 2004. History has shown that PAYGO is an essential component of fiscal responsibility and necessary in order to put our budget on a glide path to balance. PAYGO has worked in the past, and it will work again.
With our persistent call for meaningful budget reforms, the Blue Dog Coalition deserves much of the credit for the swift passage of PAYGO rules in the first week of the new Congress. The passage of PAYGO demonstrates Congress' strong commitment to fiscal responsibility and subsequently, a strong commitment to the future of our children, our grandchildren, and our great nation. PAYGO is not a partisan issue, but a common-sense remedy to our country's bad habit of deficit spending.
By reinstating the pay-as-you-go principle and prohibiting legislation that will increase the deficit, Congress has begun to put the budget back on track. Ultimately, PAYGO will help create a fiscally stable government-a government that is able to focus on making progress for the common good of the American people. However, we have a long way to go, and our work is far from over. The return to PAYGO is simply the first step to balancing our budget and reducing our national debt. As the year progresses, the Blue Dogs will continue to lead the charge to put our books in balance, keep our spending in check, and pay as we go.
-30- |
|
Back to top