Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today following final passage of budget reconciliation legislation:

“This weekend, millions of families across the country will gather to celebrate July 4th.  For nearly two and a half centuries, America’s success was based on our enduring commitment to leaving the next generation better off. 

“Today, our national debt stands at $36 trillion and we were on pace to add $22 trillion more over the next decade. This legislation will add more than $4 trillion to our debt trajectory, even though budget reconciliation is a tool intended to improve our fiscal health.  The true fiscal damage of the bill may be much greater, if the temporary tax cuts are extended and the delayed spending cuts fail to materialize. 

“If America is going to find its way back to its principle of leaving the next generation better off, our elected leaders must acknowledge that growing the national debt is burdening our own kids and grandkids, and weakening the very independence that we are celebrating this weekend.”