"The pay-as-you-go rule is very simple," Obama said from the East Room of the White House. "Congress can only spend a dollar if it saves a dollar elsewhere. This principle guides responsible families managing a budget. And it is no coincidence that this rule was in place when we moved from record deficits to record surpluses in the 1990s -- and that when this rule was abandoned, we returned to record deficits that doubled the national debt. Entitlement increases and tax cuts need to be paid for. They are not free, and borrowing to finance them is not a sustainable long-term policy."
Obama added: "The reckless fiscal policies of the past have left us in a very deep hole. Digging our way out will take time, and patience, and tough choices."
"Paying for what you spend is basic common sense. Perhaps that's why, here in Washington, it's been so elusive."
Obama Seeks Rules to Restrain Spending
Washington Post - 5 hours ago
By Lori Montgomery and William Branigin With the budget deficit soaring toward a record $1.8 trillion, the Obama administration is proposing tough new rules ...
Video: Obama Pitches Pay-as-you-go Plan for Congress
The Associated Press
The Associated Press
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