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NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today on the Biden Administration’s current budget proposal:
“President Biden deserves credit for putting forward a budget that pays for his new priorities and reduces deficits by nearly $3 trillion over the next decade, but that’s insufficient compared to the $20 trillion of projected deficits during that timeframe. It’s critical that budget proposals fully address the structural drivers of our debt in order to stabilize it over the long run.
“It is important to note that President Biden’s budget acknowledges the need to improve the sustainability of Medicare and Social Security, which are on a rapid path to insolvency. While some say that these programs can’t be touched, we must face the reality that doing nothing will lead to sudden automatic cuts for current retirees. Implementing gradual revenue increases and spending reforms for future retirees is the only way to sustain the system for everyone.
“The House and Senate should follow suit by passing their own budget resolutions, putting forth their preferred policies to reduce deficits. All ideas from both parties need to be on the table as interest costs skyrocket and our debt barrels toward its all-time high.
“America’s debt is a moral issue of economic justice for the next generation. Instead of saddling our kids and grandkids with the weight of our irresponsibility, we can make thoughtful, forward-looking decisions to set us on a stronger and more sustainable course. The good news is there is no shortage of solutions — we just need leadership.”
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