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
Rising National Debt Increases Costs for American Families and Businesses
Federal fiscal policy is a significant but often overlooked factor in the affordability of vehicles, homes, and small business loans.
Payroll Taxes: What Are They and What Do They Fund?
Payroll taxes fund social insurance programs including Social Security and Medicare and are the second-largest source of revenues for the federal government.
Tax Reform Alone May Not Be Enough to Stabilize the National Debt
A new report from the Tax Foundation breaks down the drivers of the fiscal imbalance and concludes that tax increases alone cannot solve the problem.