Statement from Peterson Foundation on Deal to End Shutdown, Avoid Default

NEW YORK — Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following passage of legislation to temporarily end the government shutdown and prevent default on our nation’s debt.

The deal re-opens the government until January 15, 2014, extends the Treasury’s borrowing authority until February 7, 2014; and instructs a bicameral conference committee to deliver long-term budget policy recommendations by December 13, 2013.

"With this short-term fix, we are taking a necessary and positive step to avoid default and prevent further self-inflicted damage to our economy. However, we need to move beyond the cycle of governing by crisis and restart the discussion about addressing the underlying causes of our nation’s unsustainable fiscal outlook.

"Importantly, the agreement provides for a bipartisan budget conference, which will be tasked with putting a plan in place that stabilizes our long-term debt. This is an essential opportunity to put America’s fiscal and economic future above politics, and move our great nation past these short-term fire drills once and for all."