Peterson Foundation: More Debt is the Last Thing America Needs

NEW YORK — Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, commented today on news reports that the House Ways and Means Committee is considering a new round of unpaid for tax cuts that would add hundreds of billions of dollars to the national debt:
“Last year’s tax legislation did major damage to our fiscal outlook — adding trillions to our national debt. After this irresponsible policy, it’s especially disappointing that lawmakers are looking to dig the hole even deeper. More debt is the last thing America needs.
“The administration recently acknowledged we have returned to trillion dollar annual deficits — an overdue admission that reflects how dire our fiscal outlook really is.
“Lawmakers should absolutely take a second look at tax policy, not to extend the irresponsibility, but to implement reforms that actually improve our fiscal situation.”
Further Reading
What Are Refundable Tax Credits?
The cost of refundable tax credits has grown over the past several years, with the number and budgetary impact of the credits increasing.
Three Reasons Why Assuming Sustained 3% Growth is a Budget Gimmick
Lawmakers are reportedly counting on 3 percent economic growth for the next decade. Here are three key reasons why that is an irresponsible budget gimmick.
What Is the Primary Deficit?
The primary deficit is the difference between government revenues and spending, excluding interest payments. Learn more about the U.S. primary deficit.