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Summer 2011 PGPF Fiscal Internship Program in Washington DC
In the summer of 2010, the Peter G. Peterson Foundation established its inaugural Fiscal Internship program in Washington DC, with the goal of supporting the development of young talent in the fiscal policy world. The program pairs college and graduate students interested in the nation’s economic future with public policy organizations working on fiscal issues.
This summer, the Congress passed and the president signed the Budget Control Act of 2011 (BCA) that put in place a process for reducing the deficit. The BCA imposed caps on future discretionary spending and empowered a bipartisan, bicameral committee (the “Supercommittee”) to identify additional deficit reduction by Thanksgiving. Over the next 10 years, the spending caps are projected to reduce deficits by approximately $900 billion, and the Supercommittee is charged with finding $1.5 trillion of additional savings.
Center for American Progress authors Batchelder and Toder argue that tax expenditures should be thought of as "IRS-administered spending programs"
Michael A. Peterson's Op-Ed in Politico: On Budget, 10 Is Not Enough
New report from the Center for Strategic and International Studies
March 26, 2014
The Congressional Budget Office (CBO) recently published an update of its long-term outlook for the budget and concluded that the federal budget will continue to face intense pressures from the aging of the population and growth in health care costs.i These pressures will push up spending on Social Security, Medicare and Medicaid. If taxes are not increased or spending is not cut, CBO projects that interest costs will climb and federal debt will grow to levels that will damage our economy. CBO’s views about the long-term outlook have not changed much from last year.
Coming up next week from Washington DC: The 2014 Fiscal Summit: Our Economic Future. The fifth annual Summit, sponsored by the Peterson Foundation, will bring together leading experts and policymakers to outline their vision for building a vibrant economy for all Americans, addressing our long-term fiscal challenges, and securing critical investments in our future.