Ben Ritz, Director of the Progressive Policy Institute’s (PPI) Center for Funding America’s Future, released the following statement in support of the bipartisan Fiscal Commission Act of 2023 but in opposition to the partisan government funding bill House Speaker Kevin McCarthy has attached it to:
“PPI commends Reps. Scott Peters, Bill Huizenga, and their 13 co-sponsors for introducing a strong fiscal commission proposal today. Establishing a commission will not, by itself, fix our fundamental fiscal challenges, but this thoughtful legislation would create a bipartisan, bicameral venue to have a serious discussion and craft real solutions.
“If policymakers continue to do nothing, annual interest payments on the debt will exceed defense spending within the next decade and will surpass Social Security as the largest item in the federal budget by 2050. We cannot let the costs of inaction crowd out critical public investments in our economy like education, infrastructure, and scientific research. Moreover, benefits for Social Security and Medicare will be cut across the board automatically by as much as 23% when their trust funds are exhausted between now and 2034.
“The goals this bill sets for the commission to prevent these catastrophic consequences are ambitious but achievable. PPI previously published a comprehensive budget blueprint that would satisfy every requirement in the Fiscal Commission Act while also reinvigorating domestic public investment and transforming our tax code to reward work over wealth. Should this bill or another like it become law, we hope the commission draws from these recommendations.
“However, we do not support Speaker McCarthy’s plan to move the commission forward as part of a partisan government funding bill that cuts discretionary spending deeply below the levels he and a majority of his conference agreed to just four months ago. Passing this package today all but guarantees a pointless government shutdown that will cost taxpayers more than a billion dollars each week. President Biden, House Democrats, Senate Democrats, and Senate Republicans are united behind averting a shutdown by sticking to this summer’s debt-limit agreement. The fiscal commission should come after House Republicans wake up and realize they need to do the same.”
PPI’s Center for Funding America’s Future works to promote a fiscally responsible public investment agenda that fosters robust and inclusive economic growth. It tackles issues of public finance in the United States and offers innovative proposals to strengthen public investments in the foundation of our economy, modernize health and retirement programs to reflect an aging society, and transform our tax code to reward work over wealth.
The Progressive Policy Institute (PPI) is a catalyst for policy innovation and political reform based in Washington, D.C. Its mission is to create radically pragmatic ideas for moving America beyond ideological and partisan deadlock. Learn more about PPI by visiting progressivepolicy.org.
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Media Contact: Amelia Fox – afox@ppionline.org