Madam Speaker, I would like to thank Majority Leader Hoyer, Chairman Spratt and my fellow members of the Budget Committee for their work on this legislation.

I rise in support of H.R. 2920, the Statutory PAY-AS-YOU-GO Act of 2009.  This bill, which I am proud to co-sponsor, will help to 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 check books, and it is the way we should balance the budget.

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, when the Republican Majority allowed the law to expire in 2002, our fiscal accountability went with it.  This resulted in the deficit financing of every major Republican initiative, including the 2001 and 2003 tax cuts, and the 2004 prescription drug bill.  This reckless spending, coupled with the cost of two wars funded outside the regular budget process, resulted in an inherited deficit of over 1 trillion dollars and an unprecedented national debt.

Since that time, we have instituted PAYGO rules in Congress to increase budgetary accountability, but we can and must do more.  This bill will give the “pay-as-you-go” principle the force of law and institute additional enforcement mechanisms similar to those that led us to budgetary surpluses in the 1990’s.  This bill is by no means a panacea for our budgetary challenges.  The fiscal health of our nation will ultimately depend on a thriving economy.  However, this is an important first step to restore budgetary discipline, force the tough choices on taxes and spending, and begin bringing down the deep deficits that face our nation. 

Without reducing the deficit, we won’t be able to invest in vital priorities like health care, education, and clean energy, which are critical to our economic future.  I therefore urge my colleagues to support this measure and send a strong message to the American people that the days of fiscal irresponsibility are over.

Thank you.  I yield back.