Statements on News Reports on White House and Congress Discussions
Statement by Peter G. Peterson:
“I have long supported the creation of a statutory bipartisan commission that has the capability to make fiscal recommendations that are guaranteed to be voted on in Congress.”
“I urge Congress to strongly consider a bipartisan fiscal commission to put America’s fiscal house in order. If Congress fails to act now to create such a commission by law, then the President should do so by Executive Order and lawmakers should ensure that its recommendations will be voted on. Doing nothing is simply unacceptable.”
“In addition, it would add to the credibility of such a commission if the President would announce specific proposals to reduce the deficit in his next budget.”
Statement by David M. Walker:
“The American people have become increasingly concerned with escalating deficits and debt burdens. The regular legislative process in Washington is broken, and a special commission is needed to help put the federal government’s finances in order.”
“It is clearly preferable for the Congress to pass legislation that establishes a credible fiscal commission that will be guaranteed a vote on its recommendations. However, if Congress won’t act on its own, the President should do so by Executive Order. The time for action has come.”
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PGPF is dedicated to increasing public awareness of the nature and urgency of key economic challenges threatening America’s future and to accelerating action on them. To address these challenges successfully, we work to bring Americans together to find sensible, long-term solutions that transcend age, party lines and ideological divides in order to achieve real results. For more information, see www.PGPF.org.
Further Reading
Three Reasons Why Assuming Sustained 3% Growth is a Budget Gimmick
Lawmakers are reportedly counting on 3 percent economic growth for the next decade. Here are three key reasons why that is an irresponsible budget gimmick.
What Is the Primary Deficit?
The primary deficit is the difference between government revenues and spending, excluding interest payments. Learn more about the U.S. primary deficit.
What Are Automatic Stabilizers and How Do They Affect the Federal Budget?
To better respond to business cycle fluctuations, many important programs in the federal budget automatically adjust spending based on economic conditions.