Peterson Foundation Statement on JSC Concluding Without Passing Recommendations
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
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.