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To confront the mounting national debt, the Senate has voted to reestablish the "pay as you go" law, requiring that legislation now be paid for with either tax increases or spending cuts. This rule was passed by a party line vote, tied to legislation raising the debt ceiling. While "many of the Bush administration tax cuts for the wealthy, due to begin expiring at the end of this year, would have to be paid for with offsetting cuts in spending or other new taxes if they're retained", there are exemptions in the new legislation to retain the Bush-era middle class tax cuts. Paygo laws had been established in the 1990s, and are believed to be part of the reason for the budget surpluses of the later part of that decade. Congress let these rules expire in 2002. Read the full article.
