Capping a years-long effort to restore strong spending rules to Congress, the House on Thursday passed “pay-as-you-go” legislation sponsored by Rep. Peter Welch. Following the 233 to 187 vote, H.J.Res 45 was sent to President Obama’s desk for signature.

Statutory PAYGO legislation requires lawmakers to pay for new spending and entitlement programs either by cutting spending or increasing revenue.

“If we fail to exercise fiscal discipline and restraint, we will not be able to afford our highest priorities, like job creation, health care reform and clean energy. Perhaps more importantly, we will lose the confidence of taxpayers that they can trust us with their money,” Welch said. “No matter how good a bill is, you have to pay for it. Good intentions are not a substitute for fiscal responsibility.”

The passage of H.J.Res 45 on Thursday follows a three-year effort by Welch to adopt strong spending rules in Congress. Among his first votes upon taking office in 2007 was a provision establishing PAYGO as a House rule. Welch subsequently sponsored the Statutory Pay-As-You-Go Act, which passed the House last summer.

Last Thursday the Senate took action on PAYGO, passing the provision by a vote of 60-40. The House’s vote Thursday incorporates Senate changes to the original PAYGO bill.

Shortly before the bill’s passage Thursday, Welch joined former President Bill Clinton and House leaders on a press conference call to discuss the importance of restoring PAYGO, which helped turn deficits to surpluses in the 1990s. Last June, Welch joined President Obama at an East Room press conference as the legislation was first introduced.

Click here to watch Welch speak in favor of PAYGO on the House floor Thursday.