Moran Votes To Make Fiscal Responsibility The Law

(Thursday) February 4, 2010

House passes pay-as-you-go measure that led to historic surplus in the 90’s

Congressman Jim Moran (Photo: Regan Kireilis)

Today Congressman Jim Moran voted to support passage of H.J.RES. 45, the Statutory Pay-As-You-Go Act of 2009. The measure requires Congress to pay for all tax cuts and new spending for programs by finding savings elsewhere in the budget.

“President Bush and Republicans in Congress let PAYGO expire in the 2000’s. We quickly took a fiscal u-turn, going from a $5.6 surplus built up in the 90’s to a deficit of $11 trillion,” Moran said.

The budgetary rule was first enacted in 1990 and later extended by Congress in 1998. President Bush and the Republican-controlled Congress failed to renew PAYGO in 2002. Today’s vote marked the House’s final passage of the Senate amended, statutory version of the Pay-As-You-Go principle that was incorporated into the House rules in 2007 when Democrats regained the majority.

“Today’s passage puts in place a mechanism that will aid us in our battle to bring down the exploding deficits bequeathed by the Bush administration and Republican-controlled Congress. The American people understand that to rebuild our economy, we need to cut the deficit and restore fiscal responsibility. Congress did this before under President Clinton and we can do it again under President Obama.”

The PAYGO legislation now goes to President Obama for his signature.