Statement from Michael A. Peterson on CBO’s August Update
“Today’s CBO report is yet another warning to our elected leaders that they must take action to address the nation’s fiscal challenges, including the upcoming fiscal cliff. What we desperately need is a bipartisan solution to the nation’s long-term fiscal problems that can be agreed upon now, and implemented gradually over time. A sustainable long-term fiscal plan for America would boost confidence in the economy in the short-term — aiding the recovery and providing businesses with the certainty they need to plan for the future and invest — and also put the nation on a better economic path for the long term.”
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.