Statement on Budget Process Reform Principles as Joint Select Committee Holds First Hearing
Statement on Budget Process Reform Principles as Joint Select Committee Holds First Hearing
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented on today’s initial public hearing of the Joint Select Committee on Budget and Appropriations Process Reform, and sent the Committee a letter outlining key principles for budget process reform:
“Our country is on an unsustainable fiscal path, and reforming our broken budget process can be an important part of improving our fiscal future. With the return of trillion dollar deficits next year and interest growing faster than any other federal program, the time to act is now.
“Budget process reform alone cannot substitute for better decision-making on policies and priorities, but Members on this Select Committee have a valuable opportunity to make sensible bipartisan reforms that will encourage fiscal responsibility and help lawmakers put us on more solid fiscal foundation.”
Further Reading
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Key highlights from the most recent Quarterly Refunding include an increase in anticipated borrowing of $249 billion compared to the same period in the previous year.
Social Security’s Funding Gap is 1.3% of GDP — Here’s How We Can Close It
Social Security is an integral part of the nation’s fiscal picture and a vital economic lifeline for millions of recipients.
The Federal Government Has Borrowed Trillions. Who Owns All that Debt?
Most federal debt is owed to domestic holders, but foreign ownership is much higher now than it was about 50 years ago.