"Pay-go can only do so much," said Senator Kent Conrad, chairman of the Senate Budget Committee. "It can prevent the passage of new legislation that would worsen the deficit, but it does not address the deficits and debt projected under existing policy."
Rep. Eric Cantor, a Republican of Virginia, said Obama had undertaken "historic spending" during his first five months in office.
"So for us to sit here and listen to the White House say that 'We ought to be responsible, we ought to pay for what we're doing' I think lacks just a little bit of credibility," Cantor said.
UPDATE 1-Obama seeks fiscal responsibility mantle | Deals | Regulatory News | Reuters
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