WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after the House Budget Committee held a hearing on the Statutory “Pay-As-You-Go” Act of 2009:
“I want to thank Chairman Spratt for holding a hearing today to discuss reinstating statutory PAYGO. This hearing is an important step in the process as we consult Members across the ideological spectrum for their thoughts on how to improve this bill.
“PAYGO is only one tool to get our nation's budget back to sustainability, but it is a tool we must have. With PAYGO in place, we will stop digging deeper into debt. By reducing the amount of money spent on interest payments on the debt, we will be better able to make investments in areas that make our economy strong, such as health care, energy, and education.
“I look forward to working with President Obama, Chairman Spratt, and our Members as we work to bring this bill to the House Floor in July.”