Peterson Foundation Statement on OMB Mid-Session Review

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented on the release of the mid-session review from the Office of Management and Budget (OMB), an annual update and revision of White House budget projections. Peterson said:
“The administration projects that the deficit is on track to hit $1 trillion this year, even though we are in a strong economy and low interest rate environment. The mid-session review is just the latest reminder of the dangerous fiscal path that we’re on – and it drives home the point that we are missing a valuable opportunity to start managing our debt during a time of growth and high employment. With an array of important fiscal deadlines approaching this fall, our high and rising debt should be a top priority.”
Further Reading
How Much Do We Spend on the Federal Workforce?
Here, we examine the federal government’s expenditure on its workforce, the evolution of its size over time, and the opportunities for budget savings.
What Are Interest Costs on the National Debt?
Interest costs are on track to become the largest category of spending in the federal budget.
The One Big Beautiful Bill Act Is the Most Expensive Reconciliation Package in Recent History
The legislative package will be the most expensive reconciliation bill in a quarter of a century and will add trillions of dollars to the U.S. debt.