Peterson Foundation Statement on Tax Bill Conference Committee
Peterson Foundation Statement on Tax Bill Conference Committee
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today as the House and Senate reconcile versions of tax legislation and hold a public meeting of the conference committee:
“Both the House and Senate versions of the tax bill would add substantially to our national debt, and conference committee members still have the opportunity to make the bill more fiscally responsible.
“Every independent analysis concludes that the bill will not pay for itself, even when accounting for the effects of economic feedback. In just the next decade, this tax bill could add more than $2 trillion to our national debt, which is already $20 trillion and growing.
“Many members of this conference committee have supported the principle of fiscal responsibility in the past. With $16 trillion of existing tax expenditures and $47 trillion of spending over the next 10 years, there are plenty of options to make this bill more fiscally responsible. We owe it to future generations to do better.”
Further Reading
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.
Budget Basics: Unemployment Insurance Explained
The Unemployment Insurance program is a key counter-cyclical tool to help stabilize the economy and speed recovery during downturns or crises.
Quiz: How Much Do You Know About Healthcare in the United States?
The United States has one of the largest and most complex healthcare systems in the world. Take our healthcare quiz to see how much you know about the cost and quality of the U.S. healthcare system.