Obama proposes making 'pay-as-you-go' the law - CNN.comWASHINGTON (CNN) -- President Obama on Tuesday proposed making "pay-as-you-go" 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 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.
"Paying for what you spend is basic common sense," Obama said. "Perhaps that's why, here in Washington, it's been so elusive."
Republican leaders said the proposal comes after record spending initiatives by the Obama administration, such as the $787 billion economic
Now, as much as I agree with this plan, It is hypocritical for a President like Obama who oked the spending of TRILLIONS of dollars to suggest such a plan NOW.
I agree with it, and actually hope it passes, but it is hypocritical at this point.