Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the release of an initial draft of the House Budget Resolution. Peterson said:

“As we enter this budget reconciliation process, it’s important to recognize we are currently on a path to add $22 trillion to the national debt over the next ten years. We obviously need to improve our fiscal outlook, but at the very least our leaders should ‘do no fiscal harm.’

“Unfortunately, this resolution sets the stage for adding trillions more in new deficits and debt. It allows for $4.5 trillion in revenue reductions, with only $1.2 trillion in offsets. All told, this plan would add more than $25 trillion to the debt over the next decade.

“This is just the beginning of the process, and lawmakers should continue to work to make this budget resolution more fiscally responsible. They should avoid budget gimmicks like unrealistic economic growth, undefined spending cuts, uncertain tariff revenue, or timing games, all of which simply conceal more debt.

“The bottom line is that America is in terrible fiscal shape and the new administration and Congress have many available policy options to improve our fiscal outlook, or at the very least fully offset any policies they wish to enact or extend. Now is the time to prioritize our fiscal future and put our nation on a more sustainable path.”