Statement by Peter G. Peterson, Chairman of the Peter G. Peterson Foundation, on the Report of the National Commission on Fiscal Responsibility and Reform
“The Commission report released today represents a key starting point in the important national dialogue on how to address our nation’s long-term fiscal challenges. The efforts of the Commission have clearly demonstrated the magnitude and importance of this issue, and their plan provides a strong framework for the tough choices that we will need to make as a nation.
“We welcome the report’s inclusion of Guiding Principles and Values, which will help structure the discussion and debate on how to address these challenges. I believe we can all agree on goals and objectives such as promoting economic recovery and growth, protecting the most vulnerable and keeping our country competitive.
“We encourage our elected leaders to build on the Commission’s commendable bipartisan efforts, and implement sensible, fair and comprehensive solutions to America’s long-term fiscal challenges.”
About PGPF
PGPF is dedicated to increasing public awareness of the nature and urgency of key economic challenges threatening America’s future and to accelerating action on them. To address these challenges successfully, we work to bring Americans together to find and implement sensible, long-term solutions that transcend age, party lines and ideological divides in order to achieve real results. For more information, see www.PGPF.org.
Further Reading
National Debt Projected to Hit 175% GDP; Interest Totals $99 Trillion
Compared with the previous 30-year projections, spending will be higher, revenues lower, interest rates and interest payments elevated, and the national debt significantly larger.
Federal Healthcare Costs on Track to Reach $3.1 Trillion by 2036
Federal healthcare programs are among the fastest-growing drivers of federal spending, and their continued growth will put significant upward pressure on the national debt.
Quarterly Treasury Refunding Statement: Higher Borrowing Compared to Last Year
Key highlights from the most recent Quarterly Refunding include an increase in anticipated borrowing of $249 billion compared to the same period in the previous year.