Obama says new budget rules will rein in spending | The Daily Caller - Breaking News, Opinion, Research, and Entertainment Privately on Friday night, President Obama signed a bill to increase the national debt limit from $12.4 trillion to $14.3 trillion. The administration is projecting a $1.56 trillion deficit for the budget year ending Sept. 30. So much for the new fiscally responsible Obama. The so-called â€œPAYGOâ€ provision was included in the bill. The provision requires future spending increases or tax cuts to be paid for with tax increases or other spending cuts elsewhere. In reality, PAYGO is designed to make it easier for Congress to raise taxes faster while making it more difficult to cut spending on welfare and warfare.