Statement by Foundation Chairman Pete Peterson on Simpson-Bowles "Bipartisan Path Forward to Securing America’s Future"

"Alan Simpson and Erskine Bowles have done what lawmakers have so far failed to do — agree on a bipartisan plan to put America’s debt on a clear downward path.

"Now that both houses of Congress have passed budgets and the President has presented his plan, we have yet another moment of opportunity to agree on a long-term sustainable fiscal plan that can be implemented when the economy is stronger. The suggestion that Washington should focus on economic recovery today and long-term debt reduction later presents a false choice. A comprehensive and gradually implemented plan that stabilizes the debt over the long term would not harm the current recovery — rather, it would generate the kind of confidence that stimulates an economy in the short term.

"Simpson and Bowles have again shown tremendous leadership in focusing the public's attention on our nation's serious long-term fiscal challenges. Our elected leaders should show similar courage and come together to agree on a bipartisan comprehensive long-term fiscal plan."