“While some may be focused on the $1.3 trillion deficit for fiscal year 2011, the greatest fiscal challenge is our nation’s large and growing deficits over the next several decades. They will be with us after the economy recovers, unemployment is down and the country is at peace. According to the President’s own budget, debt held by the public will reach almost 100% of GDP by 2030.

“The President’s short-term measures designed to address unemployment and support the economic recovery are important even though they will result in higher short-term deficits. However, we also need to begin to take immediate steps to address the structural deficits that threaten our collective future.

“Today’s budget outlook clearly underscores the need to set up a special process to begin to put our federal finances in order. Dealing with this underlying structural deficit requires a fiscal commission that can cut through the partisan gridlock, bridge the ideological divide, and make the tough recommendations needed to reduce spending and increase revenue. We commend the President for his plans to form such a commission and hope that he will do so in a timely manner.”

About PGPF

Founded by the Chairman Emeritus 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 [1]