Peterson Foundation Statement on House Rules Package and Return to PAYGO
Peterson Foundation Statement on House Rules Package and Return to PAYGO
NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the Rules Package adopted by the House of Representatives for the 116th Congress:
“This new rules package includes important reforms that can help encourage fiscal responsibility. In particular, the reinstatement of a pay-as-you-go rule is a positive step forward because it will help prevent new tax and spending legislation from adding to the debt.
“Ultimately, final policy decisions matter more than the process itself, and elected officials must address the major structural challenges in our budget. In a divided government, our leaders must work together in a bipartisan fashion to build a more stable fiscal foundation that can enable the better economic path that all Americans deserve.”
Further Reading
The Fed Held Its Target Range After Reducing the Short-Term Rate Three Meetings in a Row
High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.
How Does the United States’ Fiscal Position Compare to Other Countries’?
The United States has higher budget deficits and spends more on interest costs than its peers.
The United States Collects Less Tax Revenue Than Other G7 Countries
The U.S. collects less tax revenues compared with other G7 countries, and that lower level of revenues is a key driver of the national debt.