Part 2/9:
The discussion began with a reference to “Pay-As-You-Go” (PAYGO) legislation, as elaborated upon in Alan Greenspan’s book, The Age of Turbulence. This legislation was initially proposed by Richard Darman during President George H.W. Bush's administration, intended to impose fiscal discipline by requiring that any new tax cuts or increases in social services be offset by equivalent budget cuts or tax increases elsewhere. This bipartisan effort aimed to maintain a balanced budget and prevent excessive deficit spending.