Pelosi: 'PAYGO is a Critical Step on the Path Toward Deficit Reduction and Fiscal Discipline'

WASHINGTON, ,Feb. 12 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi issued the following statement today after President Obama signed into law Pay-as-you-go legislation. The legislation requires any new spending or revenue reduction to be paid for by an equal amount of spending reduction or revenue increase:

"PAYGO is a critical step on the path toward deficit reduction and fiscal discipline.

"The PAYGO principle is founded on the simple premise of accountability and honest accounting in the budget process, and it has a proven track record of success. When instituted in the 1990s, it produced record surpluses; when abandoned by the Bush Administration and the Republican-led Congress in the last decade, we were left with record deficits. Today, these irresponsible practices will end.

"When Democrats assumed the majority of Congress in 2007, we made 'pay-as-you-go' the rule of the House. Now, with the President's signature, we have made it the law of the land."

SOURCE Office of the Speaker of the House

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