Talk Radio News Service: News, Politics, Media

By Benny Martinez - University of New Mexico/Talk Radio News Service

House Majority Leader Steny Hoyer (D-Md.) said Monday that following the rules of PAYGO is crucial to keeping the U.S. from falling even further into debt.

In a speech given at the Brookings Institute in Washington, D.C., Hoyer discussed various fiscal responsibilities of the Obama administration, and said programs like PAYGO "are essential, but they are not enough."

The Majority Leader applauded President Barack Obama for creating a bipartisan fiscal commission and appointing former White House Chief of Staff Erksine Bowles and ex-Senator Alan Simpson (R-Wyo.) to chair it.

"Given the seriousness of our situation, the commission must come to a consensus, and Congress must act on its proposals at the end of the year," Hoyer said.

Hoyer attributed the success of PAYGO to its role in creating a projected economic surplus during the Clinton administration. Hoyer also recognized that the decision by the Bush administration to abandon PAYGO "paved the way for record borrowing and threw us back in the red."

Hoyer said that he remains confident that the character of the U.S. will serve as the backbone of economic recovery, but reminded those in attendance that it will not happen overnight.

"It will take bipartisan trust, presidential leadership and public spirit," Hoyer said. "If we are unable to raise our heads even for a moment above the daily partisan fight, if the collapse comes, we will deserve it."