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
Budget Basics: What Is the Child Tax Credit?
The CTC provides assistance to families with children, and while it represents a relatively modest part of overall government spending, it is one of the largest tax expenditures.
Budget Basics: Tax Expenditures
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
What Are the Economic Costs of Child Poverty?
Child poverty is higher in the United States than in other wealthy countries. Studies show that it has quantifiable economic costs.