This afternoon, OMB Watch submitted a letter to all members of the House of Representatives, encouraging them to support the "Statutory Pay-As-You-Go Act of 2009" ("PAYGO").  Introduced by House Majority Leader, Rep. Steny Hoyer (D-MD), the bill is a crucial first step towards returning to a culture of responsible spending. 

PAYGO legislation continues to move through Congress and may come up for a vote as soon as next week. 

Added: CBO responds to Rep. Paul Ryan's request for analysis of the proposed policy.

Added 7/17: Access the latest information and version of the bill here. 

This morning, Citizens for Tax Justice (CTJ), in conjunction with Rebuild & Renew America Now (RRAN), a tax policy group, released a report outlining two tax reform proposals devised to help pay for the much anticipated overhaul of the U.S. health care system by Congress. The proposals, designed to place the least amount of tax burden on low and middle-income families, call for an expansion of the Medicare tax and a limitation on itemized deductions. According to CTJ, the two tax reforms could yield as much as $60.5 billion in the first year and $760 billion over the course of a decade. The report breaks down how the tax reforms would affect citizens of different income levels on a state-by-state basis. In addition to the report, Deborah Weinstein, Executive Director of the Coalition on Human Needs, which is part of RRAN, published an opinion piece on Huffington Post arguing for responsible revenues to pay for health care reform.