Peterson Statement on Senate Infrastructure Bill and CBO Score
Peterson Statement on Senate Infrastructure Bill and CBO Score
NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today as bipartisan infrastructure legislation advanced to a final vote in the U.S. Senate, and following the release of the Congressional Budget Office analysis of the deficit effects of the bill:
“This bill has been formed through constructive, bipartisan policymaking and includes important investments in our economy, but it falls short of being fiscally balanced. While it is commendable that there has been a serious effort to pay for new spending, CBO’s analysis shows how the bill is not fully offset. Looking forward, lawmakers should take additional time to engage on the many well-known options they have to strengthen the bill and fully pay for their priorities. With $13 trillion of borrowing already coming over the next ten years, we should not be handing more debt to the next generation.”
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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.