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During a meeting with reporters, House Majority Leader Steny Hoyer (D-Md.) expressed his party’s commitment to reinstating a pay-as-you-go policy that would require Congress to offset spending by cutting an equal amount of funding elsewhere.

Hoyer described PAYGO as a vital tool for rebalancing the U.S. budget.

“The speaker and I met with President last week. One of the points he made which I strongly agree is that pursuing fiscal responsibility and balance is one of our most important objectives,” said Hoyer.

Hoyer said that he plans on introducing the legislation that would reinstate PAYGO sometime next week.

PAYGO was effectuated in the 1990s, but ended in the early days of the George W. Bush administration. Hoyer blamed Republicans for ending the policy in order to afford tax cuts for the wealthy that occured during Bush’s two terms.