Statement by Michael A. Peterson, Vice Chairman of The Peter G. Peterson Foundation, on The CBO Analysis of The President’s Proposed Budget and Bipartisan Senate Majority Letter to The President

“Today’s Congressional Budget Office (CBO) analysis is further indication that we must address our long-term fiscal challenges, and the bipartisan Senate letter to the President demonstrates that we can. The letter to President Obama signed by a bipartisan majority of Senators today is an encouraging step toward the grand bargain we need to tackle our mounting fiscal challenges.”

“The CBO report released today indicates higher levels of debt over the next ten years. Most importantly, both the President’s budget and the CBO project that federal debt will increase significantly over the longer term. There is no doubt that both parties must look beyond the next ten years and address our long-term debt and deficits.

“The efforts underway in the Senate demonstrate that both parties can work together to build sustainable fiscal policies for our nation. The progress of Senators Chambliss (R-Ga.), Coburn (R-Okla.), Conrad (D-N.D.), Crapo (R-Idaho), Durbin (D-Ill.), and Warner (D-Va.) provides a working example of leadership. The bipartisan Senate majority letter to President Obama is a promising indication that real momentum is building toward a comprehensive fiscal plan. We hope the President and Congressional leaders will seize this moment of opportunity to make tangible progress on securing America’s fiscal future.”

About the Peter G. Peterson Foundation

The Peter G. Peterson Foundation is a nonprofit, nonpartisan organization established by Pete Peterson – businessman, philanthropist, and former U.S. Secretary of Commerce. The Foundation is dedicated to increasing public awareness of the nature and urgency of key long-term fiscal challenges threatening America's future and to accelerating action on them. To address these challenges successfully, we work to bring Americans together to find and implement sensible, long-term solutions that transcend age, party lines and ideological divides in order to achieve real results. To learn more, please visit www.PGPF.org.