Statement from Foundation Chairman, Pete Peterson, on the President’s Remarks
“It’s encouraging to hear that the President and Congressional leaders will be meeting next week to discuss the urgent fiscal issues facing the country. Since the election, we’ve heard positive signs that our leaders in Washington are moving toward compromise.
The fiscal cliff represents an important moment of opportunity — the wide consensus against the cliff can be the foundation for agreement on a bipartisan long-term fiscal plan. With the elections over, it’s time to get down to work on a comprehensive plan that protects the economy in the short term and stabilizes debt over the long term.”
Further Reading
5 Ways Rising National Debt Makes America Less Affordable
The rising debt contributes to higher inflation and interest rates, which can have significant negative consequences for American families and businesses.
How Much Government Spending Goes to Children?
Interest costs on the national debt are expected to rapidly outstrip spending on children in coming years.
IRS Staffing Cuts Will Reduce Revenues, Driving Deficits Higher
Reductions in IRS personnel decrease federal revenues, increase deficits, and significantly exacerbate the gap between taxes that are owed and taxes that are actually paid.