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Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.
In January 2013, a series of tax increases and spending cuts are slated to go into effect automatically and all at once. Many are calling this major fiscal policy shift the "Fiscal Cliff." If all of the changes are allowed to proceed, future budget deficits would be substantially reduced. However, the nonpartisan Congressional Budget Office has forecast that the economy would be thrown into recession in 2013 — an outcome that threatens our still-fragile economic recovery.
With our economy in recovery, our debt rising unsustainably, and our nation still grappling with a devastating pandemic, America faces many critical questions for its future. Where do we go from here?
Solutions to the fiscal challenge must be long-term, bipartisan budget solutions that can be implemented gradually. Discover some of the comprehensive plans proposed, as well as policy options for individual parts of the budget that merit consideration.
The Peterson Foundation’s 2012 Fiscal Summit–America's Case For Action convenes the nation's leading fiscal policy experts and elected officials at a critical moment of opportunity to make progress on America's long-term fiscal challenges.
The projects, which address problems ranging from mental health to food security to the impact on K-12 education, will receive $643,029 in research support from a new Peterson Foundation fund.
Pete Peterson Joins President Clinton and Others to Discuss Jobs, the Economy and America’s Long-Term Fiscal Challenges.
Inflation and interest rates will have important impacts on the long-term federal budget outlook.
The Peter G. Peterson Foundation, Clinton Global Initiative University and Net Impact Announce Nationwide Campus Fiscal Competition.
While countries continue to recover from the crisis, the international fiscal outlook has not substantially improved.
https://www.pgpf.org/analysis/fiscal-monitor-series-navigating-the-fiscal-challenges