Statement by Foundation Chairman, Peter G. Peterson, on President Obama’s State of the Union Address
Statement by Foundation Chairman, Peter G. Peterson, on President Obama’s State of the Union Address
“To build a thriving economy with opportunity for all Americans, the President and Congress must take decisive action to address our long-term debt and deficits. An economy burdened by massive interest costs cannot grow, and the critical resources we need to invest in our future will simply not be there unless we get our fiscal house in order.
The nation can’t afford for our lawmakers to take a year off from fiscal reform, just because this is a political season. Many credible solutions exist, and both parties should pursue them together. There are several bipartisan plans that get the fiscal job done, with consideration of the fragile recovery, compassion for the most vulnerable, and with comprehensive tax reform that is both more fair and more competitive.
A plan that is implemented when the economy is stronger is not only essential for our economic and fiscal future, but would boost confidence today and help to stimulate the current economy.”
Tags:
Fiscal Outlook
Further Reading
Infographic: The Facts About U.S. Defense Spending
National security is both a vital priority and a significant part of the federal budget.
What Is Budget Reconciliation?
The reconciliation process avoids the potential need to gather 60 votes to end debate and, therefore, allows the Senate to adopt legislation with a simple majority.
Budget Basics: National Defense
The national defense budget funds a wide range of activities and represents a significant share of overall federal spending.