Statement by Foundation Chairman Peter G. Peterson on President Obama's Address to a Joint Session of Congress

“Creating jobs, in both the short term and long term, should be a top priority for our nation. The most effective way for any stimulus program to succeed is as part of a long-term fiscal plan, because it would bring sorely needed confidence to our fragile economy. America needs to demonstrate that it is getting its fiscal house in order so that the businesses, banks and investors with trillions in available capital have the confidence to deploy it.

“President Obama rightly called for the ‘super-committee’ to go beyond its $1.5 trillion goal and find even more long-term deficit reduction. The President made a commitment to pay for the policies he proposed and put forward a detailed deficit reduction plan, which is a necessary ingredient in any effort to improve our economy. Everyone who has an interest in America’s economic health looks forward to hearing the President’s specific recommendations for addressing our long-term fiscal challenges.

“Boosting the economy and demonstrating fiscal sustainability go hand-in-hand. Fiscal responsibility is a key to a healthier economy, and it need not hinder the current delicate recovery. The way to navigate between fiscal discipline and the fragile recovery is simple – agree on a long-term plan now, with measures that go into effect when the economy is on sounder footing. America’s prosperity and the financial security of American families depend on both parties working together to put our nation on a more sustainable fiscal path.”

About the Peter G. Peterson Foundation
The Peter G. Peterson Foundation is a nonprofit, nonpartisan organization established by Pete Peterson – businessman, philanthropist, and former U.S. Secretary of Commerce. The Foundation is dedicated to increasing public awareness of the nature and urgency of key long-term fiscal challenges threatening America's future and to accelerating action on them. To address these challenges successfully, we work to bring Americans together to find and implement sensible, long-term solutions that transcend age, party lines and ideological divides in order to achieve real results. To learn more, please visit www.PGPF.org.