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. 

Last week, the House Appropriations Committee approved the 2010 fiscal year Financial Services spending bill.  Along the way, one of the amendments that failed to make the cut was to "enact into law H.R. 1557 (the “Securing America’s Future Economy Commission Act”)".  This amendment would've created a 16-member commission charged with creating recommendations to reduce the country's long-term debt.  With a maximum of four members of Congress, this commission would have had the power to create legislation that would be considered by the House and Senate.