The Stakes
Establishing a framework for long-term fiscal sustainability will narrow the gap between federal revenues and spending, and, by doing so, improve prospects for economic growth.
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Establishing a framework for long-term fiscal sustainability will narrow the gap between federal revenues and spending, and, by doing so, improve prospects for economic growth.
Lawmakers should use the opportunities presented by the annual budgetary process to set policy priorities and provide more certainty about our nation’s fiscal policy.
The 114th Congress has a new opportunity to address our debt and long-term fiscal challenges, strengthen our economy, and put our nation's fiscal future on a sustainable path.
In May, the Administration released details for the proposed American Jobs Plan. It would be a massive investment in a range of national priorities including transportation, climate change, caregiving, and housing.
https://www.pgpf.org/infographic/what-is-in-the-american-jobs-plan
The United States, by far, spends the greatest amount on military (in nominal terms) than any other country.
https://www.pgpf.org/analysis/why-defense-matters-for-deficit-reduction
“Addressing our nation’s unprecedented and unsustainable debt is critical to securing a strong, growing economy of the future,” said Pete Peterson, Founder and Chairman of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/05/2017-fiscal-summit-press-release
Under the current policy scenario, the federal government is projected to run permanent primary spending deficits.
https://www.pgpf.org/analysis/government-accountability-office-fall-2012-budget-outlook
“This new rules package includes important reforms that can help encourage fiscal responsibility." Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
Once we have a plan in place that reduces spending and increases revenues, a strong annual budget process for the government would help us stay on track.
https://www.pgpf.org/budget-basics/fixing-the-budget-process
The CBO provides two projections of the nation's fiscal future over the next 75 years: one based upon laws currently on the books; and one that reflects selected changes to those laws that lawmakers are widely expected to make.
https://www.pgpf.org/analysis/cbo-releases-the-2010-long-term-budget-outlook