Statement from Michael Peterson on Fiscal Cliff Agreement
“The agreement to avert the fiscal cliff is a necessary step to protect the fragile economic recovery in the short term. But the agreement obviously does not address the fundamental fiscal challenges that our nation faces.
The goal of any sustainable fiscal policy must be to stabilize the debt as a share of the economy and put it on a downward path. Until we have a plan that stabilizes our federal debt, uncertainty and lack of confidence will continue to be a drag on our current economy and threaten our future prosperity.
The fiscal cliff was a significant missed opportunity to put the nation on a sustainable fiscal path. The President and Congress must continue to work toward a comprehensive fiscal plan that addresses the major drivers of our deficits and stabilizes the debt for the long term.
There is no shortage of fiscal policy options that can stabilize the debt over the long term, while protecting the fragile recovery and the most vulnerable in our society. The sooner we agree on a sustainable bipartisan fiscal plan, the better.”
Further Reading
What Types of Securities Does the Treasury Issue?
Let’s take a closer look at a few key characteristics of Treasury borrowing that can affect its budgetary cost.
7 Key Trends in Poverty in the United States
Thirteen percent of the U.S. population lives in poverty. Learn more about the demographic and regional variations in the poverty rate.
Quarterly Treasury Refunding Statement: Borrowing Up Year Over Year
Key highlights from the most recent Quarterly Refunding include an increase in anticipated borrowing of $158 billion compared to the same period in the previous year.