Peterson Foundation Statement on President’s Budget

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the Biden Administration’s budget proposal for Fiscal Year 2023:

“This budget acknowledges the need for deficit reduction, and represents a positive step and starting point for action on stabilizing our national debt. While there is much more work to be done, it’s welcome news that this blueprint includes proposals for reducing deficits and paying for priorities.”

“Even with these measures included, our debt is projected to grow significantly over the next ten years, increasing by nearly $15 trillion and reaching a historical high of 107% of GDP. With the Medicare and Social Security Trust Funds running dry in 2026 and 2034, our budget needs significant reforms to stabilize these critical programs and reach anything approaching fiscal sustainability.

“The good news is that there are many options on the table, and the best way to make progress is a comprehensive approach that embraces ideas from both parties and addresses both spending and revenues. Given today’s significant inflationary and other economic concerns, it would be an ideal time for lawmakers to commit to putting the nation on a more sustainable fiscal path, which will help us meet current challenges at home and abroad, and support a strong economy for the next generation.”

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