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. 

House Democratic leaders appear to be pushing the legislation partly due to the timing of the health care debate.  If passed, the House leaders can point to PAYGO to deflect some of the criticisms regarding the cost of proposed health care reforms.  House Republicans are displeased that the legislation may be rushed to a vote without committee debate as well as provisions in the legislation that would provide notable exceptions.  As a whole, the Senate seems less likely to push for immediate action on the legislation - it remains to be seen whether any substantive debate will happen before a vote on health care reforms or the August recess.