|Welch introduces fiscal responsibility legislation|
|Friday, 19 June 2009 10:18|
Rep. Peter Welch this week introduced ‘Pay-as-you-go' legislation intended to curb deficit spending and ensure that every dollar spent by the federal government is paid for.
Welch, along with Majority Leader Steny Hoyer (Md.), Budget Committee Chairman John Spratt (SC) and Rep. Baron Hill (Ind.), is a lead sponsor of H.R. 2920, the "Statutory Pay-As-You-Go Act of 2009." The bill's sponsors unveiled the legislation earlier this week during a Capitol Hill press conference with Office of Management and Budget Director Peter Orszag.Welch's bill would restore PAYGO budgeting procedures that turned massive deficits to record surpluses in the 1990s. The legislation requires lawmakers to identify sources of funding for new programs, forcing them to either cut spending or increase revenue in order to remain revenue-neutral.
"A good idea without a way to pay for it is wishful thinking. A good intention without fiscal discipline is a daydream," Welch said. "Middle class families work hard to pay their bills. The federal government has a responsibility to do the same."The PAYGO bill was first announced by President Obama at a White House East Room press conference last week. Welch joined the President on stage as he outlined the plan. Click here for a photo of Welch at the Obama announcement.