At The Intercept:

NANCY PELOSI RAMS AUSTERITY PROVISION INTO HOUSE RULES PACKAGE OVER OBJECTIONS OF PROGRESSIVES

The details:

Despite pressure from progressive Democrats, the House rules package for the 116th Congress will include a pay-as-you-go provision, requiring all new spending to be offset with either budget cuts or tax increases, a conservative policy aimed at tying the hands of government.

The definition the headline implies — but the story belies — per Merriam-Webster:

austerity, n. 2. enforced or extreme economy especially on a national scale

Pelosi’s “pay-go” rule doesn’t involve any “economy” at all. It neither imposes any spending cuts nor prohibits any spending increases. It just requires Congress to either make do with the revenues it has, or openly raise taxes to cover new spending, instead of hiding its profligacy by increasing the amount of money it borrows.

Imported from the original KN@PPSTER