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Uploaded on Jul 23, 2009
Statutory PAYGO works because it reins in new entitlement spending and new tax cuts, said Spratt. Both tend to be long lasting easy to pass, hard to repeal. By insisting on offsets and deficit neutrality, PAYGO buffers the bottom-line. Its terms are complex, but at its core, it is a common-sense rule that everyone can understand: when you are in a hole, stop digging.