Fighting to bring common-sense fiscal sanity to Washington, Rep. Debbie Halvorson (IL-11) voted today to implement PAYGO, or "pay-as-you-go" measures that would force Congress to ensure that all new spending is offset by sufficient revenues.
"Over the last year we have worked to put our economy back in order and stop the freefall we inherited that brought us to the brink of depression. Now it is time to put our fiscal house back in order, by ensuring that every dollar we spend is accounted for and is offset," said Halvorson.
"This is an issue where parties from both sides of the aisle should come together to speak with one voice, and say enough is enough; it's time to bring fiscal responsibility back to Congress. I speak to constituents every day that are tightening their belts to balance their checkbooks; it's important for Congress to commit to that as well."
Halvorson is an original co-sponsor of the House statutory pay-as-you-go bill (HR 2920), which passed the House in 2009, and sought to restore PAYGO rules first established in 1990.
In the decade after its establishment, PAYGO helped to turn record deficits into record projected surpluses. In the eight years since PAYGO has been allowed to expire, record deficits have returned, and action is required to restore fiscal balance. The chart below details the effects of PAYGO and its benefits.
The bill passed the House by a margin of 233 to 187 and will now go to President Obama's desk for his signature.