Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today as the U.S Senate considers Budget Reconciliation legislation. 

“Given how troubling our fiscal outlook already is, Washington should be pursuing policies that improve our national debt – but at the very least, they should ‘do no fiscal harm’. 

“Unfortunately, the Senate reconciliation bill would add trillions of dollars in red ink to our already unsustainable national debt.  In fact, the Senate bill is even more costly than the House-passed version, with larger tax cuts, fewer spending reductions and a higher debt ceiling. 

“Additionally, attempting to hide the true fiscal impact of legislation by using a current policy baseline is a dangerous precedent that could be abused by either party going forward. 

“With debt at $36 trillion and growing rapidly, putting America on a more sustainable path is a critical priority for our economy.  Rising debt puts upward pressure on inflation and interest rates while also reducing economic growth, jobs, investment and wages.  But the good news for our nation is we have many options to take a better path to stabilize our fiscal future and build a foundation for economic prosperity.  There is still time for lawmakers in both chambers to improve this bill and strengthen America’s future.”