Statement from Michael A. Peterson on CBO’s August Update
“Today’s CBO report is yet another warning to our elected leaders that they must take action to address the nation’s fiscal challenges, including the upcoming fiscal cliff. What we desperately need is a bipartisan solution to the nation’s long-term fiscal problems that can be agreed upon now, and implemented gradually over time. A sustainable long-term fiscal plan for America would boost confidence in the economy in the short-term — aiding the recovery and providing businesses with the certainty they need to plan for the future and invest — and also put the nation on a better economic path for the long term.”
Further Reading
The Fed Held Its Target Range After Reducing the Short-Term Rate Three Meetings in a Row
High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.
How Does the United States’ Fiscal Position Compare to Other Countries’?
The United States is in a poor fiscal condition compared to the rest of the world, according to the OECD.
The United States Collects Less Tax Revenue Than Other G7 Countries
The U.S. collects less tax revenues compared with other G7 countries, and that lower level of revenues is a key driver of the national debt.