Concerned with government spending and the national deficit, congress passed a pay-as-you-go, also known as paygo, in 2007 to help stop the national debt from rising. It requires that any tax cuts or increases in entitlement spending be offset with spending reductions elsewhere. It basically means the government can't spend more than it makes, if it wants to start a program that will make it spend more, it has to shut down another program to pay for it, or find the money another way.
I agree with the pay-as-you-go budgeting plan. The national debt is currently at 11.4 trillion, thats about 40,000 dollars per american, and it keeps rising. The interest on the national debt was about 456 billion dollars last year, and if the national debt keeps rising the interest will rise as well. If we dont do something to stop the rising debt or there will be consequences. If the government doesn't stop spending now, and the debt gets to high, they will have to raise taxes and cut government programs in order to help pay for it. I agree with Tom Raum from the Associated Press, he agrees with the paygo program and that if the government doesn't stop spending there will be consequences to all americans. "Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth," Federal Reserve Chairman Ben Bernanke recently told Congress.
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