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1. Shorthand for "pay as you go." This zippy little term was used by President Obama in February 2010 to describe his new approach to federal spending and fiscal discipline.

2. The opposite of "buy now, pay later."

3. An idea whose time has not yet come, at least not on Capitol Hill.
"Let's invest $58 billion in a new Highway to Nowhere up there in Alaska. It'll stimulate the economy for sure!"

"No way, buddy. We're on the Paygo plan now."
by Peter Kobs February 14, 2010
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