Obama proposes making ‘pay-as-you-go’ the law

President Obama on Tuesday proposed making "pay-as-you-go" rules for federal spending into law. The so-called PAYGO proposal requires Congress to balance any increased spending by equal savings elsewhere, Obama said in announcing the measure that now goes to Congress. A previous PAYGO mandate helped erase federal budget deficits in the 1990s, and subsequent ineffective rules contributed to the current budget deficits, Obama said