Peterson Foundation Statement on House Rules Package and Return to PAYGO
Peterson Foundation Statement on House Rules Package and Return to PAYGO
NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the Rules Package adopted by the House of Representatives for the 116th Congress:
“This new rules package includes important reforms that can help encourage fiscal responsibility. In particular, the reinstatement of a pay-as-you-go rule is a positive step forward because it will help prevent new tax and spending legislation from adding to the debt.
“Ultimately, final policy decisions matter more than the process itself, and elected officials must address the major structural challenges in our budget. In a divided government, our leaders must work together in a bipartisan fashion to build a more stable fiscal foundation that can enable the better economic path that all Americans deserve.”
Further Reading
Rising National Debt Increases Costs for American Families and Businesses
Federal fiscal policy is a significant but often overlooked factor in the affordability of vehicles, homes, and small business loans.
Payroll Taxes: What Are They and What Do They Fund?
Payroll taxes fund social insurance programs including Social Security and Medicare and are the second-largest source of revenues for the federal government.
Tax Reform Alone May Not Be Enough to Stabilize the National Debt
A new report from the Tax Foundation breaks down the drivers of the fiscal imbalance and concludes that tax increases alone cannot solve the problem.