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Tax expenditures are costly for the federal government but they can be effective vehicles for lawmakers to achieve policy goals.
The Peter G. Peterson Foundation held its first Fiscal Summit in 2010 to start a national bipartisan dialogue on critical fiscal issues with thought leaders and prominent stakeholders from across the political spectrum.
“Our high and rising national debt is a pressing issue for the future of the nation, and the August recess presents an opportunity for a conversation between lawmakers and constituents about solutions,” said Michael A. Peterson.
https://www.pgpf.org/press-release/2023/07/fci-press-release
In around six years, the national debt will likely exceed its all-time high of 106 percent of gross domestic product (GDP), which occurred in 1946.
The lawmakers we choose this November will face critical fiscal and economic decisions in the next two, four, and six years.
https://www.pgpf.org/infographic/the-fiscal-election-whats-at-stake-in-this-election
The PGPF chart pack illustrates that budget-making involves many competing priorities, limited resources, and complex issues.
Social Security is the largest single program in the federal budget and makes up approximately one quarter of total federal spending.
https://www.pgpf.org/budget-basics/how-does-social-security-work
In January 2013, a series of tax increases and spending cuts are slated to go into effect automatically and all at once. Many are calling this major fiscal policy shift the "Fiscal Cliff." If all of the changes are allowed to proceed, future budget deficits would be substantially reduced. However, the nonpartisan Congressional Budget Office has forecast that the economy would be thrown into recession in 2013 — an outcome that threatens our still-fragile economic recovery.
If taxes are not increased or spending is not cut, CBO projects that interest costs will climb and federal debt will grow to levels that will damage our economy.
“Voters have made it overwhelmingly clear that they want their leaders to pay for all new spending with credible offsets, and they strongly support many proposed options to fully fund the package,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2021/09/fci-press-release