Washington (Oct. 2, 2002) -- House Budget Committee ranking member John M. Spratt, Jr., D-S.C., has introduced legislation to extend the pay-as-you-go (PAYGO) rules and the discretionary spending caps, which expired at the end of the 2002 fiscal year on Sept. 30.
Spratt's bill extends the PAYGO rules through fiscal year 2007. The PAYGO rules require that the cost of all mandatory spending increases and all tax cuts enacted during a session of Congress be fully offset.
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