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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 Long-Term Budget Outlook:
“America’s fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation.
“The massive gap between spending and revenue means that we’ll borrow a staggering $116 trillion over the next thirty years. Debt will approach twice the size of our gross domestic product, which is uncharted territory for the world’s largest economy. We’ll spend $71 trillion on interest alone and by 2053, interest will represent 35% of all revenues we take in, creating a huge financial hole and significantly reducing our ability to invest in national priorities.
“This is not the future any of us want, and it’s no way to run a great nation like ours. Across party lines, voters are concerned and want America to be on a stronger and saner trajectory. Solutions are well-known, readily available and entirely within our control — all we need is leadership and willingness to act.
“One way to approach this problem is a bipartisan fiscal commission that puts everything on the table. A commission that focuses on comprehensive reforms would offer lawmakers a structured process outside of the regular partisan battle lines. Importantly, it would start the discussion about ways to strengthen and save Social Security and Medicare, which are on a path to depletion and automatic cuts that would be tremendously harmful for the most vulnerable Americans.
“CBO has been warning of the risks of our rising debt for years and the longer we wait, the more difficult the challenge becomes. Instead of stumbling from one fiscal crisis to the next, we should commit to working across party lines to stabilize our fiscal future and build a better economy for the next generation.”
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