Statement by Foundation Vice Chairman, Michael A. Peterson, on the Congressional Budget Office Outlook

Jan 31, 2012

"The updated budget outlook from the Congressional Budget Office underscores the gravity of America’s fiscal situation and the continuing need for action to address our long-term fiscal challenges.

CBO projects that our national debt will climb to more than 90 percent of GDP within the next ten years if Congress and the President continue our current policies. Even more alarming than the ten-year outlook is CBO’s warning of the economic dangers that could result from the unsustainable growth of debt in the decades that follow.

Allowing our national debt to increase unchecked is an unacceptable risk to the future stability and prosperity of our nation. A future economy burdened by massive interest costs cannot grow, and the critical resources we need to invest in our future will simply not be there unless we get our fiscal house in order.

Credible, bipartisan solutions exist that could be implemented gradually when the economy is stronger, and the sooner we act the better."

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