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
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The unsustainable national debt poses a risk to our economic future, and young Americans may have the most to lose.
The National Debt Can Crowd Out Investments in the Economy — Here’s How
Large amounts of federal debt could “crowd out” investments by the private sector, making the economy less productive and stunting wage growth.
The President’s Budget Doesn’t Address National Debt, and Calls for Highest Defense Spending in History
For the second year in a row, the Trump Administration has submitted a budget that excludes key fiscal variables such as debt and deficit projections.