David Dayen writing over at The New Republic: The Left Is Taking Aim at Pelosi’s Deficit Obsession,
There’s also one major hurdle left to topple: the “pay as you go” rule, commonly known as “pay-go,” which demands that all new spending get offset with budget cuts or tax increases. Progressive critics argue that this creates an unlevel playing field, where Republicans blow giant holes in the tax code, as they did last year, while Democrats must pay fealty to the deficit. These critics are now mounting a fight to unshackle a future activist government.
[. . .] Obviously, Pelosi and her allies on pay-go consider the rule good politics, allowing them to rebut charges about “tax and spend” liberals by insisting that every new program is fully paid for. If anybody actually cared about the deficit, instead of habitually using it as a weapon to rein in the opposition party, maybe that logic would be compelling. But even if the politics make sense, the rule leads to bad policy, …
Democrats have fallen for deficit-scare politics for too long. Republicans understand money, and understand that they can spend (or cut taxes) to deliver for their constituents. And they understand that they can trick Democrats into not delivering for their constituents (We the People.) It is time for that nonsense to stop.