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NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today as the House Budget Committee released a 2024 budget resolution that includes language supporting a Bipartisan Debt Commission. Peterson said:
“It is a welcome and encouraging development that the Budget Committee has released a budget resolution for 2024, the first time in more than five years. It’s important that Congress get back to an effective and transparent budgeting process. While the resolution uses overly optimistic economic projections, it puts forth significant reforms and the commitment to deficit reduction is commendable.
“A very positive component of the resolution is the inclusion of a bipartisan fiscal commission. Rather than drifting from one short-term crisis to the next, a commission would enable a more comprehensive process to address the structural drivers of the growing imbalance between spending and revenues. A successful commission would include ideas, input and sacrifices from both parties, and all areas of the budget should be on the table. While these issues are always politically challenging, the truth is that a wide majority of voters across party lines support a commission process to reduce the national debt.
“As Congress faces a potential government shutdown, a bipartisan commission that addresses our structural deficits can be a critical part of breaking the cycle of fiscal brinksmanship and setting our nation on a more stable and prosperous path.”
Note: Recent Peterson Foundation polling shows growing support among Democratic and Republican voters for the creation of a bipartisan commission to recommend a comprehensive package of reforms to reduce the national debt. A fiscal commission is supported by 69% of Democrats and 67% of Republicans; overall, only 5% of voters are opposed.
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