Earlier this week at a Capitol Hill press conference, Vermont Representative Peter Welch introduced the Statutory Pay-As-You-Go Act of 2009, a bill designed to curb deficit spending. Welch, along with other lead sponsors Majority Leader Steny Hoyet (D-MD), Budget Committee Chairman John Spratt (D-SC) and Representative Baron Hill (D-IN), said that the bill would reform the budgeting process and impose fiscal discipline.
The bill would restore PAYGO budgeting procedures enacted during the 1990s. Under the proposed legislation, lawmakers would have to identify funding sources for new programs, requiring them to cut spending or increase revenue in order to stay revenue-neutral.
The PAYGO bill was first announced by President Obama at a White House East Room press conference last week.
Source: Office of Peter Welch
Representative Welch co-sponsors “pay-as-you-go” bill
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