SUZANNE PRATT: In one of the first major votes of the new session of Congress, the House today approved a rule requiring new tax cuts be paid with tax hikes or reduced spending. House Democrats say it`s a first step toward putting the people`s fiscal house in order. And as Stephanie Dhue reports, experts say that was the easy part.

STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: With the Federal debt nearing $9 trillion, House majority leader Steny Hoyer says the so-call "pay go" rule will help restore fiscal sanity.

REP. STENY HOYER, MAJORITY LEADER: Today is the dawn of new era in American governance. We now have the opportunity to change course and jumpstart a return to fiscal responsibility.

DHUE: Republicans disagree and most voted against it. The ranking Republican on the Budget committee Paul Ryan says "pay go" will raise taxes, but not cut spending...Maya MacGuineas heads up a think tank which promotes a responsible budget. She says Congress still has to do heavy lifting to restore fiscal responsibility.

MAYA MACGUINEAS, EXEC. DIRECTOR, COMMITTEE FOR A RESPONSIBLE BUDGET: "Pay go" is a good thing that`s going to really put up the yellow light and say we don`t want to make things worse. Here`s something that could stop you, but it`s nothing that`s going to force or even really urge the reforms that need to happen, Congress is going to have to do that on their own...

For the complete interview, please visit PBS's Nightly Business Report website.