Finance Geek

WASHINGTON—On Tuesday President Obama promised to rein in the burgeoning budget deficit and put in place a “pay as you go” rule, in which dollars can only be spent if they are saved elsewhere or if Congress raises taxes to pay for them.

Speaking from the East Room of the White House, he declared, “This, in part, requires the kind of line-by-line review of the budget that is ongoing to remove things that we don’t need and make the programs we do need work more efficiently. There are billions of dollars to be saved this way. But much of our effort will entail going after the big-ticket items that drive the deficits.”

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