One day after announcing a ramping up of spending, President Obama today focused on efforts in his administration and by the Democrats in Congress to reinstitute fiscal discipline through the use of "paygo" rules.

"It is no coincidence that this rule was in place when we moved from record deficits to record surpluses in the 1990s - and that when this rule was abandoned, we returned to record deficits that doubled the national debt," he said in the East Room, speaking to an audience of Blue Dog Democrats.

When advised, the event was said to be focused on the role of paygo rules in entitlement reform. But the president only mentioned it briefly in that context: "Entitlement increases and tax cuts need to be paid for," he said. "Paying for what you spend is basic common sense. Perhaps that's why, here in Washington, it has been so elusive."

Instead, Obama used the event to rattle off a series of initiatives already announced that the White House has said will put a dent in the nation's deficit. He repeated that within four years, the deficit will be halved - though he did not address longer-term projections that show it increasing beyond one term.

He also announced that in the first round of TARP fund repayments, the government will turn a slight profit and the debt will drop $68 billion. He cautioned that there may be "some losses to the taxpayers" as other financial institutions repay government funds, however.