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NEW YORK — Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, released the following statement as the Congressional Budget Office released its Budget and Economic Outlook for 2014-2024:
"This report makes clear that the recent improvement in deficits will be short-lived unless we get back to work on fiscal solutions. CBO projects that our deficits will begin rising again within just 2 years, and will grow even more rapidly beyond the 10-year window. CBO estimates that interest costs alone will be a staggering $5.8 trillion over the next 10 years, and become the third largest 'program' in the federal budget by 2021. To solve this problem for the long term, we must address the fundamental drivers of our debt, which are high and rising health care costs, an aging population, and an inadequate tax system. Putting our long-term debt on a sustainable path will build confidence today, and ensure economic opportunity and prosperity for future generations."
For the full CBO report, click here.