Pelosi: Pay-As-You-Go Legislation Will Help Return Our Nation to Sound Fiscal Health

Pelosi: Pay-As-You-Go Legislation Will Help Return Our Nation to Sound Fiscal Health

Wednesday, June 17, 2009

Contact: Brendan Daly/Nadeam Elshami/Drew Hammill, 202-226-7616

Washington, D.C. - Speaker Nancy Pelosi issued the following statement today on legislation she co-sponsored that would reinstitute statutory pay-as-you-go (PAYGO) rules, which will restore fiscal discipline to the federal government. Last week, President Obama urged Congress to pass the legislation, which was introduced today by Majority Leader Steny Hoyer and more than 150 Democratic co-sponsors.

"The legislation introduced today to make pay-as-you-go budgeting the law of the land will help return our nation to sound fiscal health. Just as every American family must leave within their means, so must the federal government.

â€Å"Since the first day Democrats reclaimed control of Congress in 2007, PAYGO has been a rule of the House of Representatives. I am proud to join my colleagues today in introducing legislation that will make PAYGO rules into law with enforceable consequences.

â€Å"When Democrats implemented pay-as-you-go budgeting in the 1990s, we reversed huge deficits of the Reagan-Bush years, created budget surpluses, and produced an economic boom. Today, we are taking the first step in the direction of greater stability and greater security for our economy, our citizens, and our future generations.”