WARWICK, RI - Congressman Jim Langevin (D-RI) today will vote for H. J. Res. 45 to establish statutory pay-as-you-go (PAYGO) requirements.  PAYGO will help restore fiscal discipline by enacting into law the most basic principle of responsible accounting – every dollar spent must be offset by a dollar earned or saved.

“This is the way American families balance their finances, and the same principle should apply to the federal budget,” said Langevin, a member of the House Budget Committee. “Rhode Islanders are still looking for jobs, but they are also looking for a government they can trust to live within its fiscal means.”

This legislation is particularly important at a time when Congress also faces the troubling task of raising the Statutory Debt Limit. 

“I am truly dismayed by the need to raise the ceiling of our national debt, which already exceeds $12 trillion dollars,” continued Langevin. “We cannot keep borrowing our way to a better future.  It is time we take decisive action to reduce our federal deficit, while continuing to invest in our economy and combat unemployment.”

Statutory PAYGO is the law that governed our budgetary policies in the 1990’s, and helped turn deficits into record surpluses that contributed to our economic prosperity.  Unfortunately, this law was allowed to expire in 2002.  Crafting the 2011 budget will require the will and cooperation of Democrats, Republicans and Independents alike to solve the nation's budgetary challenges.  Langevin has urged his colleagues to begin this cooperation now by passing the Statutory PAY-AS-YOU-GO Act. 
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