Peterson Foundation Statement on JSC Concluding Without Passing Recommendations
Peterson Foundation Statement on JSC Concluding Without Passing Recommendations
NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today after the bipartisan Joint Select Committee on Budget and Appropriations Process Reform dissolved without passing any recommendations:
“It’s unfortunate that even the Committee’s draft package of modest recommendations failed to advance. Significant work remains to address America’s fiscal challenges and the Committee’s proposals could have been a small step in the right direction to improve our budget process.
“Members of this Committee spent nearly a year discussing a range of fiscally responsible ideas. Many of these are worthy of additional consideration, and lawmakers in the new Congress should explore bipartisan reforms to improve our broken budget process.”
Further Reading
National Debt Projected to Hit 175% GDP; Interest Totals $99 Trillion
Compared with the previous 30-year projections, spending will be higher, revenues lower, interest rates and interest payments elevated, and the national debt significantly larger.
Federal Healthcare Costs on Track to Reach $3.1 Trillion by 2036
Federal healthcare programs are among the fastest-growing drivers of federal spending, and their continued growth will put significant upward pressure on the national debt.
Quarterly Treasury Refunding Statement: Higher Borrowing Compared to Last Year
Key highlights from the most recent Quarterly Refunding include an increase in anticipated borrowing of $249 billion compared to the same period in the previous year.