Higgins Votes to Approve Bill Requiring & Pay-as-you-go & Federal Budgeting
Today, Congressman Brian Higgins (NY-27) voted to approve H.R. 2920, reinstituting the Pay-as-you-go (PAYGO) requirement of budget neutrality on legislation passed by Congress. The bill, cosponsored by Higgins, restores rules requiring federal government to offset mandatory spending with equivalent cuts.
“This legislation mandates that the federal government use the same common sense budgeting practices that Western New York families on fixed incomes use every day – increased cost in one area of the budget must be balanced by decreased costs in other areas,” said Congressman Higgins. “This standard for responsible budgeting led to national economic strength in the past and is an essential component to a stronger financial future.”
Similar PAYGO legislation was in place during the Clinton Administration contributing to the reverse of large budget deficits, creation of budget surpluses and a strong economy in the 1990’s. The previous Administration let PAYGO rules expire in 2002 and Americans saw the $5.6 trillion surplus turn into projected deficits totaling $4.5 trillion.
“PAYGO not only ends irresponsible borrow and spend policies, it forces a serious look at the budget to weed out wasteful, unproductive spending,” added Higgins.
The legislation will now move to the Senate for consideration and approval. The President has announced strong support for the bill which will assist the Administration’s commitment to cut the deficit in half over the next four years.