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 Federal Government Has Borrowed Trillions. Who Owns All that Debt?
Most federal debt is owed to domestic holders, but foreign ownership is much higher now than it was about 50 years ago.
No Tax on Social Security Would Weaken Both Social Security and Medicare
Republicans in Congress are considering several new tax cuts that would reduce federal revenues by trillions of dollars over the next decade.
The United States Spends More on Defense than the Next 9 Countries Combined
Defense spending by the United States accounted for nearly 40 percent of military expenditures by countries around the world in 2023.