Peterson Foundation Statement on Initial Meeting of New Joint Select Committee on Budget Process
Peterson Foundation Statement on Initial Meeting of New Joint Select Committee on Budget Process
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today on the initial meeting of the Joint Select Committee on Budget and Appropriations Process Reform:
“This committee has an important opportunity to improve the budget process in a way that will help encourage fiscally responsible policymaking. With rapidly growing debt, government shutdowns, debt ceiling deadlines and partisan gridlock, there’s no question that our budget process is broken.
“While budget process reforms alone are not a substitute for making the right fiscal decisions, a more transparent and orderly process can provide greater certainty to the economy and help our leaders set and meet fiscal goals. Lawmakers should seize this opportunity to make sensible, bipartisan process reforms that can help encourage responsible budgeting and create the conditions for Congress and the administration to give our nation a sustainable fiscal foundation.”
Further Reading
Budget Basics: What Is the Child Tax Credit?
The CTC provides assistance to families with children, and while it represents a relatively modest part of overall government spending, it is one of the largest tax expenditures.
Budget Basics: Tax Expenditures
Tax expenditures can come in the form of exclusions, exemptions, deductions, and credits.
What Are the Economic Costs of Child Poverty?
Child poverty is higher in the United States than in other wealthy countries. Studies show that it has quantifiable economic costs.