Pay-As-You-Go” or PAYGO rules and laws require offsets for new tax cuts and mandatory spending so they do not add to the debt ...

The PAYGO budget rule has been rendered nearly meaningless by both parties. After three full decades of on-again, off-again use, PAYGO has utterly failed to prevent the national debt from ballooning.

PAYGO doesn’t care if you’re 75, on a fixed income, or recovering from a stroke. It’s just a cold, automatic ax falling every year.

The paygo rules, he noted, exempt emergency spending. "Right now, adding to the deficit in fact helps the economy, it doesn't hurt," Horney noted.

The PAYGO law was passed in 2010 under Pelosi’s speakership, and it requires tax cuts and mandatory spending increases to offset any hit to the deficit from a bill that passes.

PAYGO was never intended to force tax increases, but rather to limit new tax cuts. Exempting the 2001 and 2003 tax cuts will protect the current policies that are benefiting families and businesses.

In a single year, the plan may exceed PAYGO limits. In addition, about 40 percent of the federal budget, programs for education, energy, the military, etc., would not be covered by PAYGO, said Orszag.

The clock is ticking on Congress waiving PAYGO for Build America Bonds, a budget bear trap that could delay promised subsidy payments totaling $14 billion to issuers.

And while it is true that PAYGO isn't the law of the land as yet, there would be nothing to stop the president from presenting his own list of cuts in spending. But perhaps that's asking for too much.

“PAYGO isn’t only bad economics,” she tweeted, “it’s also a dark political maneuver designed to hamstring progress on healthcare + other leg. We shouldn’t hinder ourselves from the ...

The Chinese laughed at Treasury Secretary Timothy Geithner after he indicated that the United States would protect its treasury assets, and President Obama institutes PAYGO after he inflates the ...