The acceleration of President Obama's pay-as-you-go initiative, a method that would require Congress to use current revenues for capital items instead of borrowing funds by issuing bonds, and health care reform are important steps in turning the economy around, according to U.S. Speaker of the House Nancy Pelosi (D-Calif.). Pelosi and other legislators met with the President earlier this week as he announced the details of the PAYGO initiative.
The U.S. operated under the PAYGO method throughout the 1990’s. Pelosi credited it for leading to the balanced budgets and eventual surplus of the Clinton administration.
“Democrats are coming together around this concept. For many years it has been the central organizing purpose of the blue dogs: fiscal discipline, fiscal responsibility...But I want you to know that there are initiatives from all sectors of our caucus which support pay as you go,” said Pelosi today during a press conference.
Pelosi said she was enthusiastic about “accelerating the (PAYGO) discussion” as a tool to improve the economy and initiate healthcare reform in the U.S.
The Speaker touched upon what kind of healthcare model Congress will pursue.
“It should be administratively self-sufficient. It should be a real competitor with the private sector and not have an unfair advantage. When you say the words public option and that is the term of art we will be using, you have to say right next to it: level playing field.”
She said Congress will soon consider legislation on the supplemental appropriations bill for Iraq, Afghanistan, Pakistan, and pandemic flu. The House will also consider legislation to give the Food and Drug Administration legal authority to regulate how cigarettes and other tobacco products are produced and distributed. Committee work will be focused on the pillars of the President’s agenda which were in the budget. They include: health care, education, energy, reducing the deficit, lowering taxes, creating jobs, and turning the economy around.