WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement after President Obama announced a proposal to restore statutory “pay-as-you-go” (PAYGO) legislation:
“Today’s announcement of proposed statutory PAYGO demonstrates Democrats’ continued commitment to bringing down the deficit. Along with President Obama, Congressional Democrats are committed to the principle that America must pay for what it buys.
“During the Clinton Administration, statutory PAYGO resulted in record surpluses. But Republicans subsequently abandoned PAYGO and pursued fiscally reckless policies, putting America in record debt. As our first act back in the majority in 2007, Democrats restored PAYGO as part of House rules. Today’s action goes one step further, giving PAYGO policy the force of law. In the coming days, I will be introducing statutory PAYGO legislation on the President’s behalf, and I look forward to working with the Administration, Speaker Pelosi, Chairman Spratt, and Members as we work to get it passed through Congress in the near future.
“But as Chairman Conrad pointed out, statutory PAYGO, as important as it is, is only a first step toward restoring fiscal discipline. It must be accompanied by hard work to reform our healthcare system and control the rapidly-rising costs of our entitlement programs. By restoring PAYGO and taking action on those challenges, we can begin putting our fiscal house back in order.”