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NEW YORK — Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following the release of the President's FY2016 Budget:
"The president’s budget misses another opportunity to put our nation on a stable fiscal foundation for the long term. Under these policies, the national debt remains high and will grow significantly in the long run, when rising interest and mandatory spending obligations threaten to crowd out important investments. In his budget, interest alone is $5.6 trillion over just ten years, and will increase rapidly thereafter.
"Under the president’s policies, the long-term path of our federal debt remains unsustainable and dangerous. The president proposes additional revenue, but he also increases spending and his policies would not do enough to stabilize the debt in the decades ahead.
"Our long-term fiscal challenges are driven primarily by an aging population, growing healthcare costs, and an inadequate tax code. As our economy gains strength, the president and Congress should work together to set sensible budget priorities to address the long-term mismatch between spending and revenues, and put America on a solid fiscal foundation to achieve widespread economic prosperity."
For the President’s Budget for Fiscal Year 2016, click here.