Here's an interesting read—The Democratic Pay-Go Legislation: A Facade of Fiscal Responsibility (PDF download) from the Republican Caucus Committee on the Budget. This Democratic "Pay-Go" bill rewrites the statutory pay-as-you-go system that expired in 2002. Republicans have done a nice job pointing out some of the devastating flaws in the "Pay-Go" bill. As this review explains, the proposal exempts more than 160 spending programs like Medicaid, the stimulus package and any possible future health care program. Are loopholes as big as the Grand Canyon really the way to fiscal discipline?
Congressional Democrats are bypassing the Budget Committee and pushing this measure through Congress without much debate or revision.
Fortunately not all Democrats are going along with the farce. Even the Senate Budget Committee Chairman Kent Conrad (D-SD) admits that he is "... absolutely not interested in something that waives $4 trillion in costs in exchange for statutory pay-go."
For more objections check out House Dems Not Winning Over Critics with Pay-As-You-Go Bill, by The Hill's Walter Alarkon. Also check out the Republican House Minority Leader's statement.