Response by Foundation Chairman Pete Peterson to President Obama's Speech on the Nation's Long-Term Debt

“President Obama’s proposed framework is a big step toward the compromise we need to achieve fiscal sustainability. The President has made it clear that he supports a comprehensive plan for long-term deficit reduction, and his framework provides another credible approach to tackling the key drivers of our long-term debt. The proposal put forth by the President for bipartisan negotiations with representatives of both houses of Congress led by the Vice President is a call to action to our elected officials to come together to develop and implement a balanced, comprehensive plan to secure our economic future.

“Any successful long-term deficit reduction plan must be bipartisan, so both political parties will need to make compromises. Any viable plan must include both spending cuts and revenue increases, and should address all of the major areas of the budget, including tax expenditures, defense, entitlements and discretionary spending. There is no doubt that we can solve our problems in a comprehensive and compassionate way that achieves fiscal sustainability while preserving the social safety net for America’s vulnerable citizens and providing resources for important future investments in our economy.

“We encourage leaders from both parties to find common ground so that all citizens can enjoy a prosperous 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[1].

Peter G Peterson Foundation [2]

Fiscal Outlook