yet another query: Pay-go

[Jim Devine <jdevine03@xxxxxxxxx>]

currently, the U.S. Congress uses the "pay as you go" rule (any
increase in spending or any tax cut must be paid for using a tax hike
or a spending cut).

two questions:

1) did I describe "Pay-go" correctly above?

2) in what other periods was this rule applied? (successfully?)

--
Jim Devine /  "Segui il tuo corso, e lascia dir le genti." (Go your
own way and let people talk.) -- Karl, paraphrasing Dante.