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
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.