Statement on the 2013 Federal Government Shutdown
Statement on the 2013 Federal Government Shutdown
NEW YORK — Michael A. Peterson, president and chief operating officer of the Peter G. Peterson Foundation, released the following statement this morning responding to the government’s shutdown, which took effect on Tuesday, October 1st:
“Shutting down the government is a disappointing and unfortunate step in the wrong direction. Government-by-crisis gets us no closer to finding a solution to the real threat to our economy: our long-term structural deficits. Congress and the President should find a way through this immediate fiscal and political chaos, which is hurting our fragile economic recovery. Once they do, they should re-commit themselves to developing a comprehensive bipartisan plan to finally put the nation on a sustainable fiscal path.”
Further Reading
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Full Array of Republican Tax Cuts Could Add $9 Trillion to the National Debt
Fully extending the TCJA would cost approximately $5.0 trillion, while other elements of the Republican tax agenda also have large price tags over ten years.
Long-Term Budget Outlook Leaves No Room for Costly Legislation
As lawmakers consider costly legislation to extend expiring tax provisions this year, CBO’s latest projections serve as a warning that our fiscal outlook is already dangerously unsustainable.