Sens. Conrad, Voinovich, Reps. Cooper, Wolf, and
Former U.S. Comptroller General and Peter G. Peterson
Foundation CEO David Walker
Hold Press Conference
Urging Obama Administration and Congress To
Take Action To Restore Fiscal Discipline
Peterson Foundation Announces
$1 Million-Plus Advertising Campaign on Fiscal Challenges Facing America
WASHINGTON, DC (February 5, 2009) - Former U.S. Comptroller General and Peter G. Peterson Foundation President and CEO David M. Walker today joined Sens. Kent Conrad (D-N.D.) and George Voinovich (R-Ohio) and Reps. Jim Cooper (D-Tenn.) and Frank R. Wolf (R-Va.) at a press conference urging the Obama Administration and Congress to address the nation's growing fiscal challenges. Walker and the Members of Congress discussed policy ideas to address America's structural deficit and escalating debt levels, including establishing a bipartisan, action-oriented commission or task force. Walker also announced the Foundation's plans for its first major advertising campaign - a $1 million-plus DC-focused media buy aimed at raising awareness of America's deteriorating financial condition.
"The time has come for members of both parties to come together and create a framework for restoring fiscal discipline," said Walker. "The federal government is in a $56 trillion financial hole, which amounts to $483,000 per U.S. household."
The attending Members of Congress spoke on the need to address fiscal discipline.
- "While the immediate focus of Congress's efforts is on jump-starting the economy and putting people back to work, we must be ready to pivot to address the tremendous long-term fiscal imbalance confronting our nation," Sen. Conrad said. "The bottom line is that no matter how successful we are in pulling out of the current economic downturn, our long-term economic security will remain in jeopardy until we address this problem."
- "We can no longer ignore the fiscal challenges that face the nation," Sen. Voinovich said. "Peter Orszag has given me assurances that entitlement and tax reform will be on President Obama's agenda and that the administration will hold a fiscal summit at the end of the month. I am calling on President Obama to live up to these promises and work with me and my colleagues to take the bold action and support a bipartisan commission."
- "The current economic crisis means we can no longer afford to ignore our long-term fiscal problems; we have to start dealing with them right away," Rep. Cooper said. "President Obama has signaled that he is ready to work with members of both parties to reform health care, entitlement spending and the tax code. Let's seize this moment and start making some hard but necessary choices. Our children and grandchildren are counting on us."
- "Leaving our children and grandchildren buried under a mountain of debt is an economic, moral, and generational issue," Rep. Wolf said. "It is essential that Democrats and Republicans come together to solve this looming crisis. It will take pressure from outside groups like the Peterson Foundation to move Congress to act."
The Peterson Foundation's first advertisement, which appeared in Roll Call and The Washington Post, can be seen online at http://www.pgpf.org/resources/Peterson_IcebergAd.pdf.
"With this new public education campaign, the Peterson Foundation is saying loud and clear that we can no longer ignore the large and growing structural fiscal challenges that threaten our country's and our families' future," said Walker. "While turning the economy around needs to be the top priority right now, we also need to take steps to put an extraordinary process in place to put our nation's finances in order."
Since its launch in July 2008, the Peter G. Peterson Foundation has invested nearly $11 million in grants to raise awareness of, and seek solutions to the fiscal challenges posed by the rising costs of health care and retirement and a near-zero household savings rate. The Foundation also distributes the critically acclaimed feature documentary "I.O.U.S.A.", which tells the story of the rapidly growing national debt and its consequences for the U.S. economy.
About the Peter G. Peterson Foundation:
Founded by the former senior chairman 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.
