NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, issued the following statement in advance of tonight’s State of the Union address:
“By any measure, the state of the Union’s fiscal outlook is unsustainable, and getting worse. Our national debt is more than $23 trillion and this year’s budget deficit will reach $1 trillion. We already spend a staggering $1 billion every day just on interest, and it will double in 10 years.
“Tonight is a valuable opportunity for the president to talk to the nation about a better path forward. America faces many pressing challenges, including healthcare access, climate change, economic inequality, and unpredictable national security threats. Managing our debt and putting our nation on a more secure fiscal path will help America meet these challenges, build a strong economic future and ensure our leading role in the world.”
According to the baseline projections in the Budget and Economic Outlook released last week by the nonpartisan Congressional Budget Office (CBO):
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