Who Left Us With Huge Deficits?

WASHINGTON, DC- House Majority Whip James E. Clyburn today released the following statement after the House of Representatives passed H.J.Res. 45, the Statutory Pay-As-You-Go Act 2009, or PAYGO, legislation that requires spending increases to be offset by spending cuts.  The bill which was approved by the Senate last week will now go to the President for his signature.

“Pay-as-you-go budget discipline has been a key principle of Democratic fiscal policy for decades and led to successive budget surpluses in the late ’90’s for the first time in thirty years.  It follows the fundamental rule of family budgeting-you don’t spend what you don’t have.  But PAYGO budget discipline was abandoned in 2002 and irresponsible deficit spending by the Bush administration on two wars and two tax cuts for the wealthiest in the nation, turned a projected $5.6 trillion surplus into a $5.8 trillion deficit by 2008.

“By balancing spending increases with spending cuts, we will level out the budget and not saddle our children and grandchildren with burdensome debts. These budget standards have been in the House rules since Democrats assumed the majority in 2007.  With passage of this legislation, it will become the law of the land.

“Today’s vote marks a return to the sound fiscal policies of the 1990s. President Obama and Congress have taken an effective multi-pronged approach to strengthening our economy. Today’s passage of PAYGO budgeting will help ensure the stability and security of our economy for years to come.”