Yes, assuming that you hold spending as a constant. As recent history has shown us, the "Pay-Go" legislation and promises are pure "bunk" and as disingenous and the people making the statements. NONE of the "pay-go" promises have been kept, and there is no intention on the part of the political "elite" or the "Imperial Congress" as was once coined in a book "The Ruling Class, Inside the Imperial Congress". They say those things to give the appearance of wanting fiscal responsibility, but alas, they are "whitewashed sepulchres" - pretty on the outside, but full of dead mens' bones on the inside. If they really meant it, they would DO IT - but they continue on their merry way making up any excuse (mostly to sound humanitarian but to continue to support the dependent class they themselves created) to continue the spending. Tax hikes may help in the short run, but in the long run, they slow the economy - just look at Belgium (one of the sluggish European community countries) with tax rates at 60% - they produce lower productivity and lower revenues in the long run. European style "democratic socialist" economies are falling under their own weight in front of our eyes, and the US just continues to march in that direction. We should take an note from Václav Klaus, the President of the Chech Republic who has lived throught Nazi occupation, communism, and a free economy. He regrets signing onto the European agreement because , as he states, it has resulted in loss of initiative, loss of productivity, and lower job creation. Me thinks he knows of what he speaks!