This country has been navigating one of its worst economic crises and determining both rehabilitative and preventative measures to restore our economy has not always been an easy decision. One, however, has been.

PAYGO works on a simple principle – balance your budget. Most American families operate under this principle; there is no reason why Congress shouldn’t.

In the 1990s, the PAYGO rules were critical to helping our nation turn deficits into record surpluses. We need the same discipline today.

And critical programs which mainly aid the elderly or less fortunate, such as Social Security, Medicaid and Food Stamps, are exempt from PAYGO. This legislation allows us to remain committed to those groups while still maintaining fiscal responsibility.

Without instituting PAYGO, our mounting deficit will begin to interfere with our ability to invest in the future. By pledging to halt the deficit, we are free to invest in things like education, the environment, and tax reduction.

Our children and grandchildren should not be saddled with the payment of programs we institute today. We want for them to look back at this time in history and be able to say that we did the responsible thing. I am proud to say that after passing PAYGO, we have.