Peterson Foundation Statement on House Rules Package and Return to PAYGO
Peterson Foundation Statement on House Rules Package and Return to PAYGO
NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the Rules Package adopted by the House of Representatives for the 116th Congress:
“This new rules package includes important reforms that can help encourage fiscal responsibility. In particular, the reinstatement of a pay-as-you-go rule is a positive step forward because it will help prevent new tax and spending legislation from adding to the debt.
“Ultimately, final policy decisions matter more than the process itself, and elected officials must address the major structural challenges in our budget. In a divided government, our leaders must work together in a bipartisan fashion to build a more stable fiscal foundation that can enable the better economic path that all Americans deserve.”
Further Reading
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Most federal debt is owed to domestic holders, but foreign ownership is much higher now than it was about 50 years ago.
With $38 Trillion in Debt, Is the U.S. Headed for More Credit Downgrades?
Three successive downgrades of the U.S. credit rating should alarm elected leaders, but our national debt remains on an unsustainable trajectory.
The United States Is Adding to the National Debt Faster Than Ever
The nation’s debt is growing at a historic rate and eclipsing all-time highs.