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
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.