Peterson Foundation Statement on House Passage of Inflation Reduction Act of 2022

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today following House passage of the Inflation Reduction Act of 2022. Peterson said:

“This bill is projected to reduce deficits by more than $300 billion over the next ten years, and there is potential for even greater savings in the decades after that. This is an example of how our leaders can pay for their priorities, whatever they may be, while helping to improve America’s fiscal and economic future at the same time.

“As we recognize this positive step toward greater fiscal sustainability, we must also acknowledge we have a lot more work to do. Even including this legislation, deficits will total $16 trillion over the next decade, which is on top of a mountain of existing debt. These large, structural imbalances are fueled by longstanding drivers including the aging of the population, high healthcare costs, rising interest payments and a revenue base that doesn’t keep up with the promises we’ve made. We owe it to the next generation to leave them a better legacy for their fiscal and economic future.

“The best way to achieve comprehensive and enduring fiscal reform is through balanced, bipartisan efforts that address these key drivers by incorporating good ideas from both parties. Doing so would strengthen our economy, leave us more prepared for future crises, ensure our ability to invest in the next generation, and secure America’s leading role in the world.”

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