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“If we stay on this path, we’ll leave our kids and grandkids with diminished resources, opportunity and quality of life," said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
Let’s look at the trends in discretionary spending and how effective caps are in reducing the debt.
https://www.pgpf.org/blog/2023/06/what-are-discretionary-spending-caps-and-do-they-work
Significant majorities of voters across party lines agree that a commission would strengthen Social Security, lower borrowing costs, and improve our economic outlook.
Inflation’s legacy of higher real interest rates poses a significant danger to the federal budget.
Fitch Ratings recently downgraded the U.S. long-term credit rating from its top mark of AAA to AA+.
https://www.pgpf.org/blog/2023/08/what-the-fitch-downgrade-says-about-our-fiscal-challenges
There are separate limits on the amount of funding that can be provided for defense and nondefense purposes through the appropriation process.
https://www.pgpf.org/blog/2018/03/budget-process-reform-what-are-budget-caps
Sequestration was designed to be a blunt instrument, whose arbitrary effects would be so undesirable that they would compel policymakers to reach compromise on budget legislation rather than allow the cuts to go into effect.
Proponents argue that a well-designed benefit reduction policy would improve the equitability by better balancing the payouts between low- and high-income earners.
https://www.pgpf.org/blog/2024/07/social-security-reform-should-we-reduce-benefits
CUTGO is short for “cut-as-you-go,” and it is an internal rule used by the House of Representatives, meaning that it does not apply to consideration of legislation in the Senate.
https://www.pgpf.org/blog/2023/02/whats-the-difference-between-cutgo-and-paygo