President Obama on Tuesday proposed making \u201cpay-as-you-go\u201d rules for federal spending into law.<\/p>\n
The so-called PAYGO proposal requires Congress to balance any increased spending by equal savings elsewhere, Obama said in announcing the measure that now goes to Congress.<\/p>\n
A previous PAYGO mandate helped erase federal budget deficits in the 1990s, and subsequent ineffective rules contributed to the current budget deficits, Obama said. Now the PAYGO rules should be the law, he said. . . .<\/p>\n
A White House statement said Obama\u2019s proposal calls for the Office of Management and Budget to maintain a ledger of the average 10-year budgetary effects of all legislation affecting mandatory spending or baseline tax levels.<\/p>\n
Any extra cost that lacks payment authorized by Congress would require the president to find money within the budget to pay it, while any tax cut would require a corresponding increase in tax revenue.<\/p>\n
\nSome costs would be exempt, including Medicare payments to doctors, the estate and gift tax, and tax cuts enacted in 2001 and 2002, the White House statement said.\n
Isn\u2019t this responsible? Or a pretext for raising taxes? If we are going to spend more money, isn\u2019t it better to raise taxes\u2013as much as none of us like them\u2013than to employ deficit spending?\n<\/p><\/div>\n<\/blockquote><\/body><\/html>\n","protected":false},"excerpt":{"rendered":"
From Obama proposes making \u2018pay-as-you-go\u2019 the law \u2013 CNN.com: President Obama on Tuesday proposed making \u201cpay-as-you-go\u201d rules for federal spending into law. The so-called PAYGO proposal requires Congress to balance any increased spending by equal savings elsewhere, Obama said in announcing the measure that now goes to Congress. A previous PAYGO mandate helped erase federal […]<\/p>\n","protected":false},"author":1281,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13,19],"tags":[],"class_list":["post-2502","post","type-post","status-publish","format-standard","hentry","category-economics","category-government"],"yoast_head":"\n
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