Peterson: New CBO Report a Reality Check for Lawmakers

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented on today’s release of the 2019 Long-Term Budget Outlook by the Congressional Budget Office (CBO):

“As America’s leaders consider costly new spending proposals and tax cuts, today’s CBO report is a timely reality check.

“It’s bad enough that our annual deficit will soon reach $1 trillion, but CBO’s long term projections show that the deficit will continue growing into the future, with no end in sight. These clear projections should motivate our lawmakers to begin managing the debt immediately, and budgeting responsibly to help America meet its most pressing challenges.

“We owe it to coming generations to create a stronger, smarter fiscal foundation. CBO’s report shows us that failing to address the debt will result in reduced opportunities, resources and quality of life for our kids and grandkids.

“The good news is that it’s entirely within our control to build a better future for our nation. Earlier this month, we announced the results of our Solutions Initiative, in which seven think tanks from across the political spectrum each put forward comprehensive budgets to significantly reduce our national debt. These plans show the many ways available to put America on a fiscal path that will allow greater economic opportunity and prosperity for the future.”