Statement by David M. Walker, Peter G. Peterson Foundation President & CEO, on President Obama's Recognition of Commission as a Solution to Address Nation's Financial Challenges
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Myra Sung
212-542-9200/press@pgpf.org
"I was pleased to read Fred Hiatt's interview of President Obama published in the July 22nd edition of the Washington Post. During the interview, the President stated his willingness to consider a fiscal commission where 'everything is going to have to be on the table,' noting it may be the most realistic way to begin putting our nation's financial house in order.
"As I have stated for several years, tough choices must be made in connection with federal budget controls, entitlement reforms, spending constraints and revenue increases. A properly structured and nonpartisan commission would engage the American people about the true financial condition of our country and the need for a range of comprehensive reforms. This commission can lay the groundwork for the ‘grand bargain’ President Obama has said he wants to achieve during his presidency.
"I applaud the President’s recognition that a fiscal commission may be the most productive way to address the serious financial challenges threatening America's future. Such a commission should include appropriate members of Congress and the Administration as well as several capable and credible non-governmental experts. After engaging the public and key stakeholders in new and unprecedented ways, it should make a range of recommendations that would be guaranteed a vote by the Congress. Ultimately, this extraordinary process can help us avert a much bigger potential economic crisis and ensure that our collective future is better than our past."
About PGPF
Founded by the Chairman Emeritus of The Blackstone Group with a commitment of $1 billion, the Foundation is dedicated to increasing public awareness of the nature and urgency of key economic challenges threatening America's future and to accelerating action on them. To address these challenges successfully, we work to bring Americans together to find sensible, long-term solutions that transcend age, party lines and ideological divides in order to achieve real results. For more information, see www.PGPF.org.
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