Several times during his presidency President Obama has espoused the virtue of a balanced budget and enforcing pay-as-you-go for Congressional bills. Moreover, he revels in chiding the "previous administration" for not doing so. Not only are these vitriolic criticisms and notions of fiscal responsibility entirely laughable coming from the biggest deficit spending president of all time, they are not what the United States of America needs.
Pay-as-you-go may sound fiscally responsible, but only from the perspective of a politician. Paying for new legislation before passing it requires new taxes or cuts to other government expenditures. In other words, legislation has to be cost neutral...from the government's perspective. However, what Obama and his liberal ideologues fail to grasp is that such legislation is not cost neutral to taxpayers; likewise, to the whole of the U.S. economy. Liberals/Marxists/Progressives fail to comprehend (...a lot of things, but I'm addressing this specific topic only) that our federal government was developed to serve the good of the citizens - not the other way around. Furthermore, they do not understand that the public is not a financier for their unbridled spending.
More importantly, though, America doesn't need pay-as-you-go nor do we need a balanced budget because both imply the same, or greater, government engorgement upon our hard-earned money. We already can't afford the spending we have now - we can't afford the general budget, we can't afford the existing entitlement programs, and we certainly can't afford anything new. What America needs is a drastic reduction in government agencies, a drastic reduction in discretionary budgets afforded to our elected officials (Nancy Pelosi, for example), privatization or outright elimination of entitlement programs, elimination of foreign aid...in short, a complete overhaul of our government.
There is nothing wrong with our country's foundational principles or its constitution; in fact, if they were properly adhered to we wouldn't be in this mess. Starting from our Constitution and founding principles we need to rebuild our government. Only absolutely necessary programs or agencies should be reinstated, and only if they can be paid for with a modest tax. Taxes should be applied evenly across all citizens (i.e. no progressive tax), double taxation prohibited, and a maximum rate of 10% imposed upon the government via a new Constitutional amendment. Anything short of this approach is campaign rhetoric and prolongation of our government's fiscal disaster.