On May 7, 2009, the White House released the Appendix to the Fiscal 2010 Federal Budget, including $17 billion in proposed budget cuts. This adds detail to the $3.55  trillion 2010 budget outline released by the White House this past February. The Peterson G. Peterson Foundation will release an analysis of President Obama’s complete Fiscal 2010 Budget  proposal, which is expected to be announced next week.

“President Obama should be complimented for pursuing the reduction, elimination, and consolidation of existing programs that are out-dated and ineffective. Today’s proposed actions are laudable, but more must be done  in light of our current  and projected federal deficits. To put things in perspective, $17 billion is equivalent to a little over 3 days of federal deficits at current  rates. The federal government needs to engage in more comprehensive efforts on both the spending and tax preference sides of the ledger. This will likely require a credible and bi-partisan special commission in order to increase the chance of success. The sooner one is created the better.”

About PGPF

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. To address these challenges successfully, the nonpartisan Foundation works to bring Americans together to find sensible, long-term solutions that transcend age, party lines and ideological divides. For more information, see  www.PGPF.org [1]

Contact: Myra Sung

212-542-9200 / press@pgpf.org [2]