There was a time when members of Congress expressed concerns over the country’s level of debt and deficits. Laws were enacted to create speed bumps and stop signs to establish fiscal discipline. That now seems like a distant memory. Exhibit A is the current tax reform effort.
The permanent pay-as-you-go law is in effect, as is the Senate’s pay-as-you-go rule. The requirement that increased federal spending or tax cuts be matched by reduced spending or revenue increases to avoid expanding the budget deficit dates to the Reagan administration.