Statement from Foundation President, Michael A. Peterson, on Nov. 8th 2012 CBO Report
Statement from Foundation President, Michael A. Peterson, on Nov. 8th 2012 CBO Report
“This CBO report is yet another warning to our leaders in Washington that we must address the looming fiscal cliff, which is just 53 days away.
The fiscal cliff represents a moment of opportunity for policymakers, and could mark a positive turning point for the country’s fiscal future. Instead of allowing our economy to go over the fiscal cliff, or once again kicking the can on the necessary action on our deficits, leaders should seize this opportunity to pass a comprehensive, bipartisan plan that stabilizes the long-term debt and builds a stronger economic future.”
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 has higher budget deficits and spends more on interest costs than its peers.
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.