The Peterson-Pew Commission on Budget Reform has convened the nation’s preeminent fiscal and budget experts to make recommendations for how best to strengthen the budget process used by federal lawmakers. Significant attention to budget reform over the next few years is imperative given the current economic conditions, the tremendous amount of borrowing taking place to help stabilize the economy, and the large and growing promises for Social Security, Medicare and Medicaid benefits.
The commission has produced one set of recommendations that address a host of shortcomings in current budget rules, concepts and processes and is preparing to issue a second set of recommendations in 2010.
For more information, please visit the Peterson-Pew Commission on Budget Reform.
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The Peterson-Pew Commission report, Getting Back in the Black, details major revisions, concentrating on three primary areas of improvement, called the “Three Ts”: creating fiscal targets; establishing automatic budgetary triggers; and increasing transparency of budgetary information and procedures. Read More
Over the past year alone, the public debt of the United States rose sharply from 41 to 53 percent of gross domestic product (GDP). Under reasonable assumptions, the debt is projected to grow steadily, reaching 85 percent of GDP by 2018, 100 percent by 2022, and 200 percent in 2038. Read More