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The Peter G. Peterson Foundation designed the Solutions Initiative, which asked six organizations representing the wide scope of American political thought to develop comprehensive plans for putting the country on a fiscally sustainable long-term path.
According to CBO, the fiscal condition of the United States has deteriorated since its last report issued in August.
If taxes are not increased or spending is not cut, CBO projects that interest costs will climb and federal debt will grow to levels that will damage our economy.
After months of negotiations, with default looming, Congress passed and the President signed the Budget Control Act of 2011, which raises the debt ceiling and puts a process in place for reducing the deficit.
The latest report by the CBO on the outlook for the U.S. budget and economy highlights the costs of the ongoing weakness in our economy and uncertain direction of our nation’s fiscal policies.
The Peter G. Peterson Foundation is the official broadcast sponsor of the Bloomberg/Washington Post Republican Presidential Debate — a debate focused on the American economy.
In this candid and informal video series, Foundation Chairman Pete Peterson discusses the economy, our nation’s fiscal challenges, and the personal experiences that underlie his dedication to preserving the American Dream.
Over the next 10 years, the spending caps are projected to reduce deficits by approximately $900 billion, and the Supercommittee is charged with finding $1.5 trillion of additional savings.
The end of the supercommittee doesn’t mean the end of the fiscal policy debate in Washington.