Pay as you go Law: Obama

President Obama is calling for a so-called paygo law — as in, pay as you go law— that would require Congress to offset the cost of new tax cuts or spending on entitlement programs, like Medicare, with tax increases or spending cuts to avoid adding to the deficit, according to his press office.
The president will make his support clear in his State of the Union address tonight. A major theme of the speech will be his intention — as the economy recovers — to focus on reducing deficits that have become so large that they are a political liability.
Mr. Obama also will confirm that he will create a bipartisan debt-reduction commission and propose a three-year freeze on a one-eighth slice of the budget for domestic spending. The paygo legislation he’s endorsing is a compromise reached among Congressional Democratic leaders; it exempts future extensions of some existing tax cuts for the middle class.
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