Statement from Foundation Chairman Pete Peterson on the 2013 State of the Union Address
“President Obama rightly recognized the importance of both economic growth and deficit reduction in his State of the Union address. While some progress has been made, America still faces a severe long-term debt problem that must be resolved. Recent reforms have done very little to address our long-term structural deficits — debt is still on pace to reach and exceed 200 percent of GDP, which is well beyond anyone’s definition of dangerous and unsustainable.
“Economic growth and long-term debt reduction go hand-in-hand and should be top priorities for the President and Congress. We should act now to put in place a comprehensive plan that reduces deficits once the economy recovers, which would improve confidence and boost our economy in the short term, and strengthen American economic prosperity for the long term.”
Further Reading
The Debt Ceiling Will Be Reinstated on January 1 — Here’s What’s at Stake
One of the first, and most consequential, decisions facing newly elected lawmakers will be what to do with the debt ceiling.
How Does Student Debt Affect the Economy?
As overall student debt has grown over the past decade, it is apparent that such borrowing can place a financial burden on households.
How Does the Federal Government Subsidize Healthcare Under the ACA — and What Does It Cost?
In 2025, the expansions of the premium tax credit under the Affordable Care Act will expire, and lawmakers will have to decide whether to extend them.