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Similar to previous years, this budget largely relies on very optimistic projections of economic growth and unlikely budget cuts to reduce the deficit.
PAYGO is a budget enforcement mechanism intended to prevent passage of legislation that increases deficits.
“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." Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
The budget projections from the Congressional Budget Office (CBO) in August reaffirm the perilous path of deficits and debt expected over the next decade.
By making gradual changes to federal spending and revenue, lawmakers can not only stabilize our fiscal outlook, but also provide long-run economic benefits.
There is one cap for national defense and another cap for non-defense programs.
“This new rules package includes important reforms that can help encourage fiscal responsibility." Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
“While these ideas represent a start, much more can be done to improve our budget process in order to help achieve more fiscally responsible policies," Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
“As policymakers begin to prepare for the new landscape in Washington, they have both a requirement and a valuable opportunity to work together on fiscal solutions," Michael A. Peterson, CEO of the Peter G. Peterson Foundation, said.
https://www.pgpf.org/press-release/2018/11/peterson-foundation-statement-on-2018-midterm-elections
“As troubling as this year’s deficit is, it’s just the beginning of large and growing deficits as far as the eye can see," Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, said.