Statement by PGPF on Completion of Fiscal Commission Appointments
Statement by David M. Walker, Peter G. Peterson Foundation President and CEO, on the Completion of Appointments to the National Commission on Fiscal Responsibility and Reform.
“President Obama and Congressional leaders on both sides of the aisle should be applauded for naming all the panelists to the National Commission on Fiscal Responsibility and Reform. Bruce Reed, head of the Democratic Leadership Council and chief domestic policy adviser in the Clinton administration, is an excellent choice for executive director of the Commission and is sure to play a pivotal role in its important work.
“It is time for the Commission to get to work on identifying solutions that address America’s unsustainable fiscal challenges. In order to take advantage of the opportunity President Obama has created, Commission panelists should abandon entrenched partisan politics and consider all options, including entitlement reform, spending constraints, revenue increases, and enforceable budget process changes to lock in the tough choices.
“The Commission’s goal of primary budget balance by 2015 is a good start, but it is even more important that panelists’ recommendations also fulfill the President’s charge to make meaningful improvements in the nation’s long-term fiscal outlook, thereby addressing the structural deficits that are projected to balloon over the next several decades and threaten America’s future.
“In addition, it is vital that the Commission and other groups engage the American people. Americans will support the necessary steps to avoid a fiscal crisis only if they understand the true depth of the problems we face. As the Fiscal Commission develops its recommendations for action to Congress over the next several months, the Peter G. Peterson Foundation will expand its citizen education and outreach efforts to ensure that Americans understand the facts about our nation’s fiscal crisis. The Foundation will share what we learn about citizens’ opinions and concerns regarding possible solutions with the Commission.”
About PGPF
Founded by Peter G. Peterson with a commitment of $1 billion, the Foundation 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 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
The One Big Beautiful Bill Act Is the Most Expensive Reconciliation Package in Recent History
This week, lawmakers in Congress approved reconciliation legislation that will add trillions of dollars to America’s already unsustainable fiscal trajectory
Healthcare Costs Are a Major Driver of the National Debt and Here’s the Biggest Reason Why
One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.
Despite Decades of Warnings, Depletion of Social Security’s Trust Fund Is Getting Closer
The depletion dates for Social Security and Medicare’s Trust Funds are rapidly approaching.