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NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the release of the Congressional Budget Office’s updated 10-year Budget and Economic Outlook. Peterson said:
“This new CBO report shows that our national debt will reach a record level over the next decade. We will borrow a staggering $13 trillion over the next 10 years and debt as a share of the economy will grow to 106%, a level not seen since World War II.
“While the pandemic accelerated our fiscal challenges, our more fundamental problem is the unsustainable structural deficits, caused by well-known factors like an aging population, high healthcare costs and growing interest on the debt. In fact, interest on the debt will soon be the fastest growing part of the budget, totaling $5 trillion over the next decade.
“As lawmakers commendably work across the aisle on bipartisan infrastructure policy, this report should be an urgent reminder of the importance of paying for our priorities. Not only do we need to pay for new spending, we also need our leaders to come together to stabilize our longer term fiscal outlook. Doing so will help ensure a prosperous, inclusive and moral economic system for the next generation of Americans.”
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