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
Rising National Debt Increases Costs for American Families and Businesses
Federal fiscal policy is a significant but often overlooked factor in the affordability of vehicles, homes, and small business loans.
Payroll Taxes: What Are They and What Do They Fund?
Payroll taxes fund social insurance programs including Social Security and Medicare and are the second-largest source of revenues for the federal government.
Tax Reform Alone May Not Be Enough to Stabilize the National Debt
A new report from the Tax Foundation breaks down the drivers of the fiscal imbalance and concludes that tax increases alone cannot solve the problem.