Today, U.S. Representative David Scott and other fiscally conservative Blue Dog Democrats introduced the "Fiscal Honesty and Accountability Act of 2009" The legislation seek to re-instate the binding pay-as-you-go (PAYGO) rules that helped lead to balanced budgets in the 1990s.
"Throughout the last decade, our expenditures have steadily increased, while our revenues have continued to decrease," stated Rep. Scott. "We have fallen into a system of perpetual borrowing and it is time that we put an end to these unsustainable practices. Just as families and small businesses across this nation have to live on a balanced budget, so should we [federal government]."
President Obama recently urged Congress to pass legislation similar to the Blue Dogs' bill. House Speaker Nancy Pelosi and Majority Leader Steny Hoyer also wrote in support of statutory PAYGO rules in an April 28th letter to the Blue Dogs.
"When we commit to fiscal responsibility and institute mid- and long-term fiscal reform, we will begin to balance the national debt and lesson the financial burden that we have created for the next generation."