The true fiscal damage of the bill may be much greater, if the temporary tax cuts are extended and the delayed spending cuts fail to materialize.

“Unfortunately, the Senate reconciliation bill would add trillions of dollars in red ink to our already unsustainable national debt.”

Americans are increasingly concerned about our fiscal condition, as independent experts agree that the budget reconciliation proposal would add trillions of dollars to the national debt.

“Despite these repeated dire warnings, Washington continues to ignore this obvious problem that is staring down seventy million retirees.”

“Voters understand that the Moody’s downgrade is not a good sign, and adding more trillions to our national debt with new legislation would only take things in the wrong direction,” said Michael A. Peterson.

“For those looking for a signpost to tell us when to stop adding to our national debt, they should look no further than Moody‘s downgrade.”

“This irresponsible budget bill would significantly worsen America’s fiscal outlook and harm our economic future.”

“Voters understand that rising debt puts upward pressure on inflation, and makes everything more expensive, from grocery shopping to buying a house or car,” said Michael A. Peterson.

Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the release of the Congressional Budget Office’s updated Long-Term Budget Outlook: “Today’s CBO report shows debt rising rapidly over the next three decades, and serves as a timely warning for this year’s tax policy debate.  “Over the next 30 years, debt will…

“Tomorrow, we will get an updated fiscal outlook, but we already know that the picture is dire,” said Michael A. Peterson.