The war bonds, we learn, were particularly vexing for Wilson because he wanted "pay-as-we-go" financing for the war.

WSJ: Checks & Balances | Museum of American Finance | Of Debt and Taxes | By Mark Yost

And I'm grateful that the Senate just passed, as we were flying down here to Florida, a rule called pay-as-you-go, or PAYGO, that was a big reason we had record surpluses in the 1990s instead of the record deficits that were handed to me when I ran -- walked into office.

WHITEHOUSE: Creating New Jobs by Investing in High-Speed Rail

Remember, we were -- we said we're going to pay for everything from here on out, pay as you go -- PAYGO.

WHITEHOUSE: President Obama Holds a Town Hall in New Hampshire

That's why last week, I signed into law the PAYGO bill -- says very simply that the United States of America should pay as we go and live within our means again -- just like responsible families and businesses do.

WHITEHOUSE: Encouraging Long-Term Fiscal Responsibility and Reform

That's also why we're restoring pay-as-you-go: a simple rule that says Congress can't spend a dime without cutting a dime elsewhere.

WHITEHOUSE: Budgeting for a New Era of Responsibility

And if we set aside the pay-as-you-go nature of Medicare and pretend it really is an insurance program, your payroll tax contributions will end up covering only about one third of your personal tax-financed spending over your lifetime.

FORBES: U.S. Treasury to President Obama: Medicare's Current Policy 'Is Unsustainable'

At this point, we know that the budget surpluses of the '90s occurred in part because of the pay-as-you-go law, which said that, well, you should pay as you go and live within our means, just like families do every day.

WHITEHOUSE: President Obama Takes Questions at GOP House Issues Conference | The White House