Last night, the House Republican conference approved a new set of rules -- making some big changes to several budgetary rules currently in place. The rules package will go before the full House of Representatives this afternoon, and is expected to be easily adopted.
Most notably, the new rules would replace the current "pay-as-you-go" requirements with a new "cut-as-you-go" approach. The new rules would not apply to new tax cuts and would require any new mandatory spending to be completely offset by spending cuts alone, as opposed to the current PAYGO rules that also allow tax increases to pay for increased spending. We examined some of these proposed rules in an earlier blog.
There are many more rule changes that will impact the budget over the coming year, so make sure to check back soon as CRFB will be providing a more in-depth analysis shortly.