Congressman Dennis Cardoza
18th Congressional District of California

WASHINGTON, DC – Congressman Dennis Cardoza praised President Obama today for his commitment to fiscal responsibility. Specifically, President Obama said today that he intends to return to statutory “PAYGO,” which has long been advocated for by Cardoza and other fiscally conservative Blue Dog Democrats.

PAYGO, or “pay as you go” is a governmental rule that dates back to the 1990s. It requires that government pay for any new spending by either making cuts in existing programs or increasing revenue. The United States currently has a $10.8 trillion deficit, of which each taxpayer owes roughly $35,000. Most of the debt is held by foreign countries, such as China.

Earlier this month, Congressman Cardoza and other leaders from the Blue Dog coalition met with President Obama at the White House to discuss their concerns about federal spending and the ever-expanding deficit. Today it was reported that President Obama intends to return to PAYGO requirements.

The news marks a significant victory for fiscally conservative legislators, especially Blue Dog Democrats.

“I and my fellow Blue Dogs understand that our nation is in an economic crisis and that we must accept some degree of deficit spending during this kind of emergency in order to stimulate the economy,” said Congressman Cardoza.

“However, that only makes it more imperative that we commit ourselves to fiscal responsibility as we move forward and look to the future. Clearly the president was listening to the Blue Dogs and wants to do the right thing for our children and grandchildren. Our intent to return to pay-as-you-go government marks a significant victory for all Americans.”