Peterson Foundation Statement on Inflation Reduction Act of 2022 and CBO Score

Aug 4, 2022

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today following the release of the Congressional Budget Office analysis of the deficit effects of the Inflation Reduction Act:

“Yesterday, the Congressional Budget Office estimated the Inflation Reduction Act would reduce deficits by more than $300 billion over the next decade. During a time of high inflation, economic uncertainty, record debt and deficits, and skyrocketing interest costs, it’s never been more important for our leaders to make responsible, forward-looking decisions about our budget and fiscal future. This bill demonstrates that you can invest in areas of national interest while improving our fiscal outlook at the same time.

“By paying for priorities while still dedicating hundreds of billions of dollars towards deficit reduction, lawmakers have a valuable opportunity to improve our fiscal standing, help relieve inflationary pressure and strengthen America’s outlook for the future. Looking ahead, there is much more work to be done to put our nation on a more sustainable fiscal path, but the deficit reduction provisions in this legislation are an important step in the right direction."

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