Today, the House of Representatives passed statutory pay-as-you-go (PAYGO) legislation, which would require that all new mandatory spending and tax cuts (with some exceptions) be offset in at least a deficit-neutral fashion.

CRFB also released an analysis of the bill, in which we expressed our support for statutory PAYGO, but our concern over several features of the bill -- most importantly the exemptions for renewing many of the 2001/2003 tax cuts, patching the AMT, and updated Medicare physician's payments.

More on this soon.