The president also failed to tell listeners the full story about how pay-go works. It doesn't only say Congress can cut a dollar for every dollar spent. It also says Congress can raise taxes to comply. And that's exactly what the American people should expect: Politicians uninterested in cutting spending will use the rules to justify tax hikes.
President Obama was right about one thing: "It's easy to get up in front of the cameras and rant against exploding deficits. What's hard is actually getting deficits under control."
Unfortunately, pay-go rules will do little to limit spending or reduce deficits.
Congress really should learn something from how families budget. Responsible Americans don't get to use fancy rules with lots of loopholes--they cut unnecessary spending and learn to live within their means.
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