Crowley Applauds House Passage of PAYGO Fiscal Discipline Legislation
Washington, D.C. —Today, Congressman Joseph Crowley (D-Queens, the Bronx) applauded House passage of a critical initiative, called “pay-as-you-go” (PAYGO), which will help restore our nation’s fiscal health and rebalance the Federal government’s budget. PAYGO rules require Congress to pay for all tax cuts and new or increased programs with savings from elsewhere in the budget. The PAYGO legislation now goes to President Obama for his signature.
“Like Queens and Bronx families who balance their checkbooks at home every day and work hard to make ends meet, this critical initiative will ensure the Federal government meets its obligations to the American taxpayers and reduces deficits by paying for all new spending,” said Congressman Crowley. “Fiscal discipline is critical to our economic recovery. I am proud Congressional Democrats are committed to real solutions to bring down the deficits left behind by the Bush Administration and Washington Republicans.”
After years of fiscal recklessness by President Bush and Republicans, President Obama and Congress are committed to getting our budget under control – a crucial part of our plan to strengthen the American economy. By restoring ‘pay-as-you-go' budget discipline in Congress – which has been a rule of the House of Representatives since Democrats took control in 2007, we are returning to the basic rule for every family budget: you don't spend money you don't have. This measure is similar to the bipartisan PAYGO law that was in place under the Clinton Administration, which helped reverse huge deficits of the Reagan-Bush years, create budget surpluses and produce an economic boom.
The Republican-controlled Congress let these budget rules expire in 2002, contributing to the dramatic turnaround from a projected 10-year surplus of $5.6 trillion when Clinton left office to projected deficits of over $11 trillion when Bush left office.
Congressman Crowley is member of the exclusive House Committee on Ways and Means with jurisdiction over revenue.