Peterson Foundation Statement on JSC Concluding Without Passing Recommendations

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today after the bipartisan Joint Select Committee on Budget and Appropriations Process Reform dissolved without passing any recommendations:
“It’s unfortunate that even the Committee’s draft package of modest recommendations failed to advance. Significant work remains to address America’s fiscal challenges and the Committee’s proposals could have been a small step in the right direction to improve our budget process.
“Members of this Committee spent nearly a year discussing a range of fiscally responsible ideas. Many of these are worthy of additional consideration, and lawmakers in the new Congress should explore bipartisan reforms to improve our broken budget process.”
Further Reading
Social Security’s Funding Gap is 1.3% of GDP — Here’s How We Can Close It
Social Security is an integral part of the nation’s fiscal picture and a vital economic lifeline for millions of recipients.
The Federal Government Has Borrowed Trillions. Who Owns All that Debt?
Most federal debt is owed to domestic holders, but foreign ownership is much higher now than it was about 50 years ago.
With $39 Trillion in Debt, Is the U.S. Headed for More Credit Downgrades?
Three successive downgrades of the U.S. credit rating should alarm elected leaders, but our national debt remains on an unsustainable trajectory.