Statement on Senate Passage of the Fiscal Responsibility Act
“Unfortunately, this bill does little to address our long-term fiscal challenges," said Michael A. Peterson.
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“Unfortunately, this bill does little to address our long-term fiscal challenges," said Michael A. Peterson.
“As the national debt grows continually while the ceiling deadline inches closer, voters have an unprecedented level of concern about our fiscal outlook,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/05/fci-press-release
Spending for mandatory programs and net interest is projected to putpace all other non-interest spending.
https://www.pgpf.org/chart-archive/0174_SS_major_health_climb
Spending on the major healthcare programs, Social Security, and interest will continue to climb rapidly over the long term.
https://www.pgpf.org/chart-archive/0281_spending_to_climb_rapidly
National security is both a vital priority and a significant part of the federal budget.
https://www.pgpf.org/infographic/infographic-the-facts-about-us-defense-spending
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for May 2023.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-may-2023
Most working Americans are subject to payroll taxes, which are usually deducted automatically from an employee’s paycheck. Employers are also often subject to these types of taxes.
https://www.pgpf.org/budget-basics/budget-explainer-payroll-taxes
The United States spent $766 billion on national defense during fiscal year (FY) 2022 according to the Office of Management and Budget, which amounted to 12 percent of federal spending.
https://www.pgpf.org/budget-basics/budget-explainer-national-defense
“Democratic and Republican voters know that this level of fiscal irresponsibility carries a huge economic risk,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/04/fci-press-release
Here’s an overview of inflation, why it matters, and how it’s managed.
https://www.pgpf.org/budget-basics/what-is-inflation-and-why-does-it-matter