Peterson Foundation Statement on OMB Mid-Session Review
Peterson Foundation Statement on OMB Mid-Session Review
NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented on the release of the mid-session review from the Office of Management and Budget (OMB), an annual update and revision of White House budget projections. Peterson said:
“The administration projects that the deficit is on track to hit $1 trillion this year, even though we are in a strong economy and low interest rate environment. The mid-session review is just the latest reminder of the dangerous fiscal path that we’re on – and it drives home the point that we are missing a valuable opportunity to start managing our debt during a time of growth and high employment. With an array of important fiscal deadlines approaching this fall, our high and rising debt should be a top priority.”
Further Reading
The Fed Held Its Target Range After Reducing the Short-Term Rate Three Meetings in a Row
High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.
How Does the United States’ Fiscal Position Compare to Other Countries’?
The United States has higher budget deficits and spends more on interest costs than its peers.
The United States Collects Less Tax Revenue Than Other G7 Countries
The U.S. collects less tax revenues compared with other G7 countries, and that lower level of revenues is a key driver of the national debt.