Well, bad news for you today, you suck and your opinions are bad.
Seriously, tell me more. Why do you favor that?
I am being somewhat flippant; I understand funding is necessary for any government supported program, but I would be in favor of abolishing of the federal income tax if there were a way to fund pay-as-you-go programs. I think it would lead to more responsible government.
The establishment of the federal income tax allowed our bureaucrats the ability to fund policy and priorities that don't really call for public debate and consideration. The consistent flow of income made it "easy" to pass legislation that comes with a real cost to the public, without a real debate on the cost-benefit of that legislation, because that cost is buried in a massive budget made possible by "adjustments" to the income tax.
Before the income tax, a legislator had to make was an actual, real consideration of costs, where the funds for the program would come from, and whether the constituency would support both of those.
Distribution of tax income has also become somewhat of a "rewards" system for certain blocks. I know there are "common good" arguments: There are roads to be build and health to be looked after, etc. In the past, private companies built "plank roads" and organizations like churches provided "home missionaries" (think todays social workers) to help. We had services for people, they just weren't always provided by the government. Once the government could use tax revenues to fund programs that weren't vetted, "pork" in the budget increased.
Without an income tax, I think politicians are more accountable to their constituents for the legislation that they pass. They have to go on record for believing a project is worth the funds, and how much of the public's money they think it is worth.
Spend too much and they get thrown out. Don't vote for something the people actually want and are willing to pay for, and they get thrown out.
In short, I think pay-as-you-go bills provide for better accountability from our elected leaders. I also think my idea is totally impracticable in the machinery of today's world. I don't have the slightest idea on how to implement it now that the genie is so far out of the bottle. But hey, I am discussing ideals, not practical application.