Peterson Foundation Statement on Fiscal Commission Bill Passing House Budget Committee
Peterson Foundation Statement on Fiscal Commission Bill Passing House Budget Committee
NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today after the House Budget Committee passed H.R. 5779, the Fiscal Commission Act of 2023, with bipartisan support. Peterson said:
“Committee passage of the Fiscal Commission Act is an important step toward a comprehensive approach to stabilizing our rapidly growing national debt.
“It is especially encouraging that this bill passed with support from both Democrats and Republicans on the committee, adding to the growing momentum for a commission. This reflects the broad consensus from voters nationwide, with nine-in-ten Americans supporting a bipartisan fiscal commission.
“A fiscal commission would create a process that allows lawmakers to look across the entire budget for spending and revenue reforms. It would foster a much-needed national dialogue about solutions to secure our fiscal and economic future.
“As lawmakers continue to work through budget deadlines over the next few weeks, they have a valuable opportunity to include this long-term, big picture approach to put us on a stronger, more prosperous path.”
# # #
Further Reading
Lifting the Debt Ceiling Has Been Paired with Budget Reform in the Past
Earlier this year, the United States once again hit its debt ceiling, which is currently capped at $31.4 trillion.
U.S. Healthcare System Ranks Seventh Worldwide — Innovative but Fiscally Unsustainable
Spending on healthcare in the United States has far outpaced other major healthcare systems without yielding better outcomes.
Infographic: How Are Capital Gains Taxed?
The capital gains tax, which is a levy on said profits, is categorized as part of individual income tax revenues, but it is administered at a lower rate than ordinary income.