I think the “Pay As You Go Rule” President Obama wants to renew is the Gramm-Rudman-Hollings Balanced Budget and Emergency Deficit Control Act of 1985, and Budget and Emergency Deficit Reaffirmation Act of 1987.
When the first Act was passed in 1985 the Federal Debt was $1.8 trillion dollars and now it is at about $11.4 trillion.
Budget acts are not going to restrain our governments spending. It will take forceful citizen action to bring things under control.