NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the release of the Budget and Economic Outlook from the non-partisan Congressional Budget Office (CBO):
“CBO has once again provided clear evidence that we must do something about America’s dangerous fiscal situation. Despite a growing economy and low unemployment, deficits are soaring. Debt is already at its highest level since 1950, and is projected to exceed the size of the economy by 2028. This should be a time to improve our fiscal health — in fact, the U.S. is the only advanced country that is increasing its debt as a share of its economy.
“Our unsustainable fiscal condition matters because it threatens economic opportunity and quality of life for every American. High and rising debt crowds out job-creating investments and puts pressure on critical budget priorities. On our current path, we’ll soon be spending more on interest than on our kids or national defense. We can’t be in a position where we invest more in our past than in our future.
“Lawmakers should read this CBO report carefully and focus on implementing the many available solutions that set us on a better path. The temporary end to the shutdown represents a good starting point to move the country past partisan gridlock, and to work together in building a bright and secure future for our nation.”
In this morning’s report, CBO projects: