Peterson Foundation Statement on CBO Report

May 12, 2023

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today following the release of updated 10-year baseline projections from the Congressional Budget Office (CBO). Peterson said:

“Today’s CBO report is a timely reminder that as lawmakers work to raise the debt ceiling, they should also address the underlying problem of our rapidly growing national debt.

“There is no question that the debt ceiling must be raised, and the sooner the better because failing to do so would harm both our economic and fiscal standing. But with the debt itself reaching an all-time high, and interest costs exceeding $10 trillion over the next decade, it’s clear that America’s fiscal outlook is also a major threat to our economy and the next generation.

“Raising the ceiling while implementing fiscal reforms is not at all unusual — in fact, there are many examples over many years, especially in divided government. More specifically, it would be particularly beneficial to implement a bipartisan commission process that focuses on the key drivers of our debt because this could have the biggest impact over the long term.

“Lawmakers have a valuable opportunity to lead, and it’s promising that Congressional leaders and the administration are finally talking. Pairing a debt ceiling increase with common sense fiscal reforms would be a win-win, helping to defuse brinksmanship, while putting us on a stronger and more sustainable path.”

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