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NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today following the release of the President’s budget for FY2019:
"What a difference nine months makes. Today’s budget represents a dramatically worse outlook than what was released just last May. Last year’s budget had worthy goals of balancing the federal budget within ten years and lowering debt as a share of the economy to below 60%. This year’s version never balances the budget, and adds $4.5 trillion more of new debt.
"Furthermore, the budget continues to include a range of overly optimistic assumptions, including highly unlikely cuts and growth projections that significantly exceed those of most other economists.
"Presidential budgets represent general policy frameworks, and this one also reveals the reality of the fiscally irresponsible legislation of the past two months. The unpaid-for tax bill and spending package have made our fiscal outlook significantly worse. Instead of taking steps to deal with our national debt, which is $20 trillion and growing, policymakers have been adding fuel to the fire — a fiscal stimulus that’s unnecessary and inadvisable in a period of economic expansion and low unemployment. Increasing deficits will harm our economy and reduce our flexibility to deal with future crises.
"With a stable economy, now is the time when we should be getting our fiscal house in order. The budget process should be a means to demonstrate leadership by putting our nation on a sustainable fiscal and economic path."