By Mike Thompson
On Wednesday we passed legislation that will establish in law the principle that our country should pay for what it buys. I”ve been an advocate for Pay-as-you-go legislation, also known as PAYGO, since I was elected to Congress. It just makes sense ? we shouldn”t spend more money than we have.
PAYGO has a long history of success ? in the 1990s it helped generate record surpluses. However, when the Clinton administration left office, PAYGO was allowed to expire by the new administration. As a result, the record surpluses were wiped out.
We need to restore common sense to the federal government. While PAYGO is not a cure-all for deficits, it is a crucial first step toward reducing them. It puts our nation on the road back to fiscal responsibility and restoring our nation”s fiscal health.
And, to make sure that future administrations can”t change the PAYGO policy midstream, today we voted to enact PAYGO into law.
U.S. Representative
Mike Thompson
Washington, D.C.
