Featured Articles
Statement by David Walker on CBO August Update on the Budget and Economic Outlook
August 19, 2010
An unprecedented survey of the most senior economic officials from the last eight administrations and Congressional leaders from the past 30 years shows broad agreement that failure to address the country's long-term structural deficit challenges would lead to another economic crisis within the next ten years.
Analyzing the Budgetary Impact of the Federal Reserve's Actions During the Financial Crisis
August 11, 2010
In a continuing effort to support the nation's ailing economy, the Federal Reserve is buying more Treasury debt to reduce already low interest rates further and encourage more job-creating investments. But what impact do the Fed's actions have on the federal budget?
Peter G. Peterson's Commitment to The Giving Pledge:
August 11, 2010
Fiscal policymakers representing the U.S. House Budget Committee, the U.S. Treasury Department, other federal agencies, and policy groups faced off against college students in the Second Annual 'Budgetball on the Mall' Tournament held on the National Mall.
Statement by David M. Walker on the Annual Trustees Report on Social Security and Medicare
August 5, 2010
The slow economic growth projected for the Fiscal Years 2010 and 2011 in today's OMB Mid Session Review combined with a higher projected deficit for Fiscal 2011, serve to re-enforce the need for economic stimulus to be coupled with actions to address the longer-term structural deficits that threaten our economic future.
Statement by Peter G. Peterson on his participation in The Giving Pledge
August 4, 2010
The slow economic growth projected for the Fiscal Years 2010 and 2011 in today's OMB Mid Session Review combined with a higher projected deficit for Fiscal 2011, serve to re-enforce the need for economic stimulus to be coupled with actions to address the longer-term structural deficits that threaten our economic future.
Statement by David Walker on The Independent Payment Advisory Board (IPAB)
July 30, 2010
The slow economic growth projected for the Fiscal Years 2010 and 2011 in today's OMB Mid Session Review combined with a higher projected deficit for Fiscal 2011, serve to re-enforce the need for economic stimulus to be coupled with actions to address the longer-term structural deficits that threaten our economic future.
Statement on OMB Mid Session Review of U.S. Budget for Fiscal Years 2010 and 2011
July 26, 2010
The slow economic growth projected for the Fiscal Years 2010 and 2011 in today's OMB Mid Session Review combined with a higher projected deficit for Fiscal 2011, serve to re-enforce the need for economic stimulus to be coupled with actions to address the longer-term structural deficits that threaten our economic future.
Why Defense Matters For Deficit Reduction
July 12, 2010
The United States, by far, spends the greatest amount on military (in nominal terms) than any other country. In 2008, the U.S. spent $607 billion on defense, more than the next 14 largest defense budgets combined (refer to Figure 1). Since then, the defense budget has only grown, with an estimated $689 billion spending total in 2010, according to the Congressional Budget Office. Given the size of our deficit and growing national debt, efforts at fiscal reform cannot afford to turn a blind eye to military expenditures.
The Congressional Budget Office Releases the 2010 Long-Term Budget Outlook
July 5, 2010
Fiscal policymakers representing the U.S. House Budget Committee, the U.S. Treasury Department, other federal agencies, and policy groups faced off against college students in the Second Annual 'Budgetball on the Mall' Tournament held on the National Mall.
Statement by David M. Walker on U.S. Commitment to Deficit Reduction at G20 Summit
June 28, 2010
The commitment of the U.S. to cutting deficits at least in half by 2013 sends a powerful message across the globe that even as policymakers are focused on creating jobs today, the U.S. is also committed to addressing the structural deficits that threaten its longer-term economic growth, international standing and the standard of living for Americans.
Veteran Non-Profit Sector Executive Paula Van Ness to Join the PGPF as Chief Operating Officer
June 16, 2010
The Peter G. Peterson Foundation (PGPF) today announced that Paula Van Ness has been named Chief Operating Officer (COO). As COO of the Peter G. Peterson Foundation, Van Ness will manage the Foundation's day-to-day operations and internal development. Van Ness will commence her role as COO of the Peter G. Peterson Foundation in August 2010.
National Commission on Fiscal Responsibility and Reform
May 27, 2010
Statement by Peter G. Peterson:
"The crisis in Europe sends a powerful message to U.S. policymakers that delaying sensible action to address our fiscal challenges could well result in a financial crisis here and damaging cuts down the road to programs assisting the most vulnerable in our society. In addition, the country could find itself unable to take actions to promote economic stability and growth. America has the opportunity to prevent this kind of situation. We must confront the nation’s long-term structural financial condition as soon as the economy improves, and introduce gradual policy changes over time to avoid sudden and severe actions in the face of crisis."
Second Annual Budgetball Tournament on the National Mall
May 21, 2010
Fiscal policymakers representing the U.S. House Budget Committee, the U.S. Treasury Department, other federal agencies, and policy groups faced off against college students in the Second Annual 'Budgetball on the Mall' Tournament held on the National Mall.
AmericaSpeaks to Convene Thousands of Americans
April 28, 2010
Washington, D.C. – Thousands of Americans will gather in more than 20 cities for a National Town Meeting on June 26th on the nation's fiscal future. The goal of the nonpartisan discussion is to find common ground about the choices necessary to address the nation's growing deficit and national debt. Local forums will be linked together by satellite and the Internet for a truly national discussion.
Top Leaders Convene at Landmark Fiscal Summit
April 28, 2010
The Peter G. Peterson Foundation (PGPF) today convened a broad range of senior officials, policy-makers, elected leaders, and experts at its first-ever "2010 Fiscal Summit: America’s Crisis and A Way Forward" to launch a national bipartisan dialogue on America’s fiscal challenges.
Highest Ranking Economic Officials Foresee Another U.S. Economic Crisis
April 26, 2010
An unprecedented survey of the most senior economic officials from the last eight administrations and Congressional leaders from the past 30 years shows broad agreement that failure to address the country's long-term structural deficit challenges would lead to another economic crisis within the next ten years.
Top Leaders to Meet in Washington April 28th to Discuss Nation's Rising Deficits and Debt
April 15, 2010
On Wednesday, April 28th, the Peter G. Peterson Foundation (PGPF) will convene a broad range of senior officials, policy-makers, elected leaders, and experts at the first-ever "2010 Fiscal Summit: America's Crisis and A Way Forward" to launch a national bipartisan dialogue on Americ
I.O.U.S.A.: Solutions premieres on CNN
April 8, 2010
The award-winning documentary I.O.U.S.A. opened up America's eyes to the consequences of our nation's debt and the need for our government to show more fiscal responsibility. Now that more Americans and elected officials are aware of our fiscal challenges, the producers of I.O.U.S.A. created I.O.U.S.A.: Solutions, a follow-up special that is premiering on CNN this weekend.
Statement by PGPF on Completion of Appointments to National Fiscal Commission
March 25, 2010
President Obama and Congressional leaders on both sides of the aisle should be applauded for naming all the panelists to the National Commission on Fiscal Responsibility and Reform. Bruce Reed, head of the Democratic Leadership Council and chief domestic policy adviser in the Clinton administration, is an excellent choice for executive director of the Commission and is sure to play a pivotal role in its important work.
Statement by PGPF on the Passage of Health Care Reform Legislation
March 22, 2010
"The passage of health care reform legislation represents a significant milestone in the history of the United States. The bill is expected to expand healthcare coverage to roughly 32 million people, further reaching the younger population and low-income individuals."
Statement by PGPF on President Obama's Executive Order Creating a Fiscal Commission
February 18, 2010
Now that President Obama has issued an executive order establishing a bipartisan Fiscal Commission, it is time for Republicans and Democrats in Washington to live up to their responsibilities as elected leaders by working together to address our nation's deteriorating finances and mounting fiscal challenges."
Statement by PGPF on President Obama's FY2011 Budget
February 1, 2010
While some may be focused on the $1.3 trillion deficit for fiscal year 2011, the greatest fiscal challenge is our nation’s large and growing deficits over the next several decades. They will be with us after the economy recovers, unemployment is down and the country is at peace. According to the President’s own budget, debt held by the public will reach almost 100% of GDP by 2030.
PGPF Discusses Issues addressed in State of the Union
January 27, 2010
In advance of President Obama's State of the Union Address, Peter G. Peterson Foundation (PGPF) President & CEO David Walker discussed why the President should establish a fiscal commission by Presidential Order now that Congress has defeated the amendment that would have created a statutory commission. Walker also outlined the necessary criteria for an effective fiscal commission.
Statement in Response to the Senate Vote on the Conrad-Gregg Amendment to Create a Fiscal Commission
January 26, 2010
It is a great disappointment that the Senate did not act in the best interests of the American people and take this opportunity to create a statutory commission to address our growing fiscal challenge. Now that the Congress has failed to act, the President should move to establish a commission by Presidential Order and the Congress should take steps to ensure that the commission’s recommendations will be voted on.
Statements on White House and Congress Discussions Regarding a Fiscal Commission
January 20, 2010
Statement by Peter G. Peterson:
"I have long supported the creation of a statutory bipartisan commission that has the capability to make fiscal recommendations that are guaranteed to be voted on in Congress. I urge Congress to strongly consider a bipartisan fiscal commission to put America's fiscal house in order. If Congress fails to act now to create such a commission by law, then the President should do so by Executive Order and lawmakers should ensure that its recommendations will be voted on. Doing nothing is simply unacceptable."
David Walker on News Reports Stating White House and Congress Reach Deal on Fiscal Commission
January 19, 2010
The announcement of an agreement to create a presidentially-appointed fiscal commission that will report to the Congress and be assured a vote on its recommendations is a major step toward putting our nation’s financial house in order while protecting our social safety net programs.
PGPF Discusses Study Comparing Long-Term Costs of Current Health Care Legislation
December 14, 2009
Peter G. Peterson Foundation CEO and former US Comptroller General David Walker hosted a media conference call at 12:00 p.m. EST today to examine the results of the latest comprehensive study of the long-term fiscal impacts of the House and Senate health care reform legislation.
Foundation Outlines Criteria for an Effective Fiscal Commission and Analyzes Latest CBO Estimates
December 9, 2009
In advance of President Obama’s State of the Union Address, Peter G. Peterson Foundation (PGPF) President & CEO David Walker discussed why the President should establish a fiscal commission by Presidential Order now that Congress has defeated the amendment that would have created a statutory commission. Walker also outlined the necessary criteria for an effective fiscal commission.
New Study Comparing Long-Term Costs of Current Health Care Reform Legislation
December 9, 2009
The Peter G. Peterson Foundation today revealed the latest comprehensive study of the long-term fiscal impacts of the current Senate and House health care reform legislation. The comprehensive study, "Comparing the Cost and Coverage Impacts of the House and Senate Leadership Health Reform Bills: Long Term Costs for Governments, Employers, Families and Providers," was conducted by the Lewin Group and commissioned by the Peterson Foundation.
Latest National Survey Shows 7-in-10 Americans Support a Bipartisan Commission...
November 30, 2009
Now more than ever, our policymakers must understand that the important decisions they make to solve America's immediate economic challenges can impact our nation's fiscal future, ultimately affecting our children and grandchildren.
PGPF Announces Youth Summit Winners
November 25, 2009
Now more than ever, our policymakers must understand that the important decisions they make to solve America's immediate economic challenges can impact our nation's fiscal future, ultimately affecting our children and grandchildren.
Will the G-20 Haunt or Help Obama Later On?
September 30, 2009
What do AIG, Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers and Merrill Lynch have in common? Some thought that these companies were too big to fail. They were wrong.
PGPF Partners with Mobilize.org
September 29, 2009
Now more than ever, our policymakers must understand that the important decisions they make to solve America's immediate economic challenges can impact our nation's fiscal future, ultimately affecting our children and grandchildren.
Will China's Currency Overtake the Dollar?
September 29, 2009
Now more than ever, our policymakers must understand that the important decisions they make to solve America's immediate economic challenges can impact our nation's fiscal future, ultimately affecting our children and grandchildren.
Revised Health Care Bill Eliminates Public Option
September 16, 2009
More calls for a "fiscal future commission" came from both sides of the aisle today as Sens. Joseph Lieberman (I-CT) and George Voinovich (R-OH) became the latest prominent lawmakers to introduce the Securing America's Future Economy (SAFE) Commission Act. The legislation, which also has been introduced in the House, aims for "comprehensive reform of our nation's tax and entitlement system and would establish a commission to conduct public outreach and propose long-term fiscal reforms.
New CBO and OMB Deficit Projections Demonstrate Need for Action
August 25, 2009
More calls for a "fiscal future commission" came from both sides of the aisle today as Sens. Joseph Lieberman (I-CT) and George Voinovich (R-OH) became the latest prominent lawmakers to introduce the Securing America's Future Economy (SAFE) Commission Act. The legislation, which also has been introduced in the House, aims for "comprehensive reform of our nation's tax and entitlement system and would establish a commission to conduct public outreach and propose long-term fiscal reforms.
New Concerns about Mounting US Debt
July 30, 2009
In what some analysts said was the latest cause for anxiety, the U.S. Treasury faced weak demand in its bid to sell $39 billion in five-year debt securities...
Budgetball on the Mall Finals
July 13, 2009
The University of Miami and Philander Smith College of Little Rock, Arkansas sent their tournament-winning teams to Washington to go toe-to-toe with teams from the Legislative branch, the Executive Branch, and policy think tanks. The day featured fierce competition and lots of fun.
Federal Budget on Unsustainable Path
June 30, 2009
A report from the Congressional Budget Office (CBO) shows that the current federal budget will force the national debt to continue to grow much faster than the economy over the long run. Rising costs for health care and the aging of the U.S. population will cause federal spending to increase rapidly, assuming the continuation of current policies regarding health care entitlement spending (Medicare and Medicaid), and Social Security.
Washington D.C. "Gets Fiscal" with Budgetball on the Mall
June 15, 2009
This weekend, government's policymakers went toe-to-toe with college students — not in a debate or a closed-door session, but by getting "fiscal" on the Budgetball battlefield. In a statement read during the opening ceremony, U.S. Treasury Secretary Timothy Geithner congratulated the players for taking part in an event to help broaden public awareness about responsible financial behavior. In the end, the University of Miami triumphed over seven other teams, including second-place finishers Philander Smith college.
mtvU and PGPF unveil "Debt Ski"
April 23, 2009
mtvU and PGPF launched "Debt Ski," an online flash-video game that spotlights the dangers of excessive debt, challenges young people to avoid destructive financial behavior, and spurs fiscally responsible action. "Debt Ski" is part of the "InDebtEd" campaign, an ongoing awareness initiative to encourage students to help stop the fiscal crisis in the United States.
Bipartisan Leaders Decry Debt, Promote Fiscal Future Commission
April 1, 2009
More calls for a "fiscal future commission" came from both sides of the aisle today as Sens. Joseph Lieberman (I-CT) and George Voinovich (R-OH) became the latest prominent lawmakers to introduce the Securing America's Future Economy (SAFE) Commission Act. The legislation, which also has been introduced in the House, aims for "comprehensive reform of our nation's tax and entitlement system and would establish a commission to conduct public outreach and propose long-term fiscal reforms.
Citizen's Guide 2009
March 31, 2009
PGPF just released its latest edition of The Citizen's Guide to the State of the Union's Finances. This updated publication is a handy reference for Americans concerned about the economy; it provides a concise summary of where our nation stands financially and where it is headed fiscally.
Citizen's Guide 2010
March 31, 2009
PGPF just released its latest edition of The Citizen's Guide to the State of the Union's Finances. This updated publication is a handy reference for Americans concerned about the economy; it provides a concise summary of where our nation stands financially and where it is headed fiscally.
New National Survey Shows Americans Rank Country's Budget Challenges, Debt and Deficit Top Priority
February 26, 2009
The results are in! PGPF has commissioned the most comprehensive study of public attitudes toward America's fiscal policies since our economic downturn.
PGPF Continues Washington Awareness Campaign with New Print and TV Ads
February 20, 2009
Now more than ever, our policymakers must understand that the important decisions they make to solve America's immediate economic challenges can impact our nation's fiscal future, ultimately affecting our children and grandchildren.
CBO Projects Record $1.2 Trillion Budget Deficit for FY 2009...and That's Before Any Stimulus Action
January 7, 2009
The Congressional Budget Office (CBO) released its latest budget projections today. The report, The Budget and Economic Outlook: Fiscal Years 2009 to 2019 (PDF), provides a sobering perspective of the impact of the economic recession and financial crisis on the nation's finances.
America Will Soon Owe More Than Its Citizens Are Worth
December 15, 2008
The sum of America’s debts and other financial commitments is about to exceed the collective net worth of its citizens, PGPF has calculated. Growth in the government’s unfunded promises for social insurance programs such as Medicare, combined with a drop in Americans’ net worth due mainly to lower home equity values, is causing this unprecedented shift.
PGPF Teams Up with MTVU on InDebtEd
December 5, 2008
The Peter G. Peterson Foundation has teamed up with mtvU to create InDebtEd, a new campaign for college students that raises awareness about the dangers of personal and government debt and promotes action to help stop the fiscal crisis in the United States. As part of this campaign, we are asking young people nationwide to participate in the InDebtEd $10,000 Challenge.
Fiscal Responsibility Gets An Encore
October 17, 2008
Who would have thought that a feature documentary about America's addiction to debt and its consequences could prove to be so timely? Even before today's financial crisis unfolded, acclaimed director Patrick Creadon's "I.O.U.S.A." received three and a half stars from Roger Ebert and rave reviews from the New York Times and other critics. Imagine what reviewers would say if they watched the movie today.
Demand Answers From The Next Presidential Debates!
October 4, 2008
Americans are seeing the heavy price the country pays when our leaders don’t take steps to fix serious and undeniable problems. We waited for a crisis to hit before anyone moved to act.
Washington Must Heed Fiscal Alarm Bell
September 22, 2008
What do AIG, Bear Stearns, Fannie Mae, Freddie Mac, Lehman Brothers and Merrill Lynch have in common? Some thought that these companies were too big to fail. They were wrong.
Join PGPF's Call for Leadership
September 5, 2008
PGPF is publishing a two-page letter in Sunday's New York Times calling for fiscal leadership from the presidential candidates, and for willingness among the American people to not punish the candidates for being honest about our nation's financial condition. A bipartisan group of prominent Americans - young, old, and somewhere in between - have signed the letter, and PGPF invites you to sign it, too.
I.O.U.S.A. LIVE with Warren Buffett, Pete Peterson and Dave Walker
August 22, 2008
Read the transcript of "I.O.U.S.A. LIVE with Warren Buffett, Pete Peterson and Dave Walker," a panel discussion moderated by CNBC's Becky Quick at the Holland Performing Arts Center, Omaha, NE.
ISO: A Breakthrough Advertising Campaign
August 9, 2008
PGPF is seeking to engage an advertising team for a substantial national education campaign in late 2008 and early 2009. We are particularly interested in proposals that: use creativity to break the mold of tired old advocacy and advertising efforts; productively blend different forms of media (television, online, print, etc.) to take advantage of each medium's unique advantages and to create a synergistic effect; and educate and inspire young audiences most of all, because it's their future that is imperiled.
Four Key Questions to Jump-start the Fiscal Debate
August 4, 2008
It's time to reframe the parameters of our nation's fiscal debate.
The ABC's of Financial Literacy
July 24, 2008
Next month, schools will reopen their doors, and with PGPF's support, a number of terrific organizations are pioneering a new kind of curriculum: instruction in financial literacy.
What is the Difference Between "Debt" and "Deficit?"
July 18, 2008
The terms "debt" and "deficit" are often used interchangeably in everyday life. But when it comes to our nation's finances, they have very different meanings. So to clear this up once and for all...
"I.O.U.S.A." Gains Washington's Attention
July 14, 2008
Buzz about "I.O.U.S.A.," the PGPF-supported, nonpartisan documentary that tells the story of the national debt, is growing in Washington. The film will screen for reporters in the area on Monday night.
PGPF Launches Unprecedented Fiscal Responsibility Campaign
July 10, 2008
PGPF is leveraging new media, popular media, and other innovative means to engage young people and the business sector in the growing challenges that threaten our financial future, and enable them to take corrective action.
PGPF Leadership Meets with Bipartisan House Members
July 8, 2008
PGPF leaders are pleased to be participating in the first-ever joint gathering of the two official organizations of centrist House Democrats and Republicans. Foundation chairman Pete Peterson and president and CEO Dave Walker will join the Blue Dogs (D) and the Tuesday Group (R) this week to discuss the nation's deteriorating financial position and the need for timely and bipartisan action to address it.
Fireworks and Fiscal Responsibility
July 3, 2008
This Fourth of July, we're celebrating America's 232nd birthday. And what better way to honor the birth of our country than by paying off the national debt?
PGPF Raises Awareness Inside and Outside the Beltway
June 26, 2008
The Foundation continues its blitz of Capitol Hill with Dave's testimony before the Senate Governmental Affairs Subcommittee on Financial Management. As he did earlier this week on the House side, Dave will sound the alarm about the nation's deepening fiscal hole - now at $53 trillion, and getting deeper by $2 to $3 trillion every year - and the need for meaningful budget, entitlement, health care, and tax reforms. Without significant action, he warns members of Congress, our current mortgage sub-prime crisis will look like a speed-bump compared to what's coming down the pike.
The Presidents Budget for FY 2011
February 4, 2008
Next month, schools will reopen their doors, and with PGPF's support, a number of terrific organizations are pioneering a new kind of curriculum: instruction in financial literacy.
