NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today following the enactment of bipartisan legislation to avert a government shutdown, address the debt ceiling, and establish discretionary spending levels:
"This bipartisan agreement is an important step that prevents a self-inflicted crisis, but it fails to address our fundamental fiscal challenges.
"Importantly, the budget deal represents a bipartisan compromise to avert both a government shutdown and default, and provide a measure of certainty for federal discretionary programs over the next two years.
"However, the agreement fails to address the fundamental drivers of our nation’s long-term debt, and we remain on an unsustainable and dangerous course. On our current path, we will be back to trillion dollar deficits within ten years, and federal debt could reach a staggering 175 percent of GDP by 2040.
"Looking forward, we hope this agreement can be followed by additional bipartisan cooperation to stabilize our debt over the long term. The 2016 election season offers the best opportunity to have a national conversation about solutions, to get our fiscal house in order and lay a foundation for economic growth and opportunity."