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.”
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Further Reading
5 Ways Rising National Debt Makes America Less Affordable
The rising debt contributes to higher inflation and interest rates, which can have significant negative consequences for American families and businesses.
How Much Government Spending Goes to Children?
Interest costs on the national debt are expected to rapidly outstrip spending on children in coming years.
IRS Staffing Cuts Will Reduce Revenues, Driving Deficits Higher
Reductions in IRS personnel decrease federal revenues, increase deficits, and significantly exacerbate the gap between taxes that are owed and taxes that are actually paid.