House-passed "PAYGO" bill won't work (Rep. Virginia Foxx)

Congress has cooked up another a batch of fake fiscal responsibility that looks good but is really a recipe for more record deficits.

Don’t take my word for it.  The independent experts at the Congressional Budget Office found that H.R. 2920 could actually produce larger federal deficits.  In its report on the bill CBO writes that “the legislation’s enactment could lead to larger future deficits.”

This bill is laced with loopholes—so many that it can’t work.   It exempts so-called “discretionary” spending from the rules, along with more than 160 government programs, including last fall’s notorious $700 billion bank bailout.

By carving out scores of exemptions and loopholes, H.R. 2920 allows federal spending to continue to grow at breakneck speed.  Unfortunately, Congress shot down a Republican alternative that I supported which focuses on the real problem—runaway spending.

Let’s stop playing this shell game and enact a spending restraint bill that actually works—instead of paving the way for new tax hikes on America’s families and small businesses.