Statement from Peterson Foundation Upon Senate Passage of the Bipartisan Budget Act of 2013
Statement from Peterson Foundation Upon Senate Passage of the Bipartisan Budget Act of 2013
NEW YORK — Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, released the following statement today following Senate approval of the Bipartisan Budget Act of 2013:
“This budget deal doesn’t address the real drivers of our long-term debt, but it establishes a foundation for continued bipartisan collaboration. Congress and the President should build on this first step by working together in 2014 on the key fiscal and economic issues we face. Putting our nation on a stable long-term fiscal path is essential to growing our economy now, and providing prosperity and security for future generations of Americans.”
Further Reading
What Is Fiscal Dominance?
Fiscal dominance occurs when the national debt — and especially high interest costs — forces the hand of monetary policymakers.
Can We Grow Our Way Out of the National Debt?
The gap between what economic growth can realistically deliver and what fiscal sustainability requires is too large to bridge without also addressing the structural imbalance between federal spending and revenues.
Can Investing in the Stock Market Save Social Security?
Given Social Security’s unsustainable finances, some policymakers have proposed incorporating stock market investments as part of a solution.