Peterson Foundation Statement on CBO Long-Term Budget Outlook
“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.
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“As Washington navigates short-term budget battles, our long-term fiscal outlook keeps getting more and more dangerous," said Michael A. Peterson.
President Obama's budget keeps the debt from rising as a share of the economy, but it does not address the key drivers of our long-term unsustainable debt.
The State Budget Crisis Task Force released the first-ever comprehensive report detailing threats to states' fiscal sustainability and actions that can be taken to address them.
https://www.pgpf.org/what-we-are-doing/grants/state-budget-crisis-task-force-announcement
Even party extremes want bipartisan progress: 93% of Liberal Democrats and 85% of Tea Party supporters strongly agree that both parties should work together to solve our long-term fiscal and economic problems.
67% of registered voters strongly agree that "I am willing to do my part to reduce the national debt, as long as other people also do their part."
The President's budget has a worthy goal of deficit reduction. However the economic assumptions underlying the president’s budget are optimistic.
https://www.pgpf.org/analysis/2017/05/analysis-of-the-presidents-fy-2018-budget
The latest budget outlook released by CBO is the first to fully capture the budgetary impact of the pandemic.
The Peterson-Pew Commission on Budget Reform's second report, Getting Back in the Black, offers a detailed set of options to reform the federal budget process.
https://www.pgpf.org/what-we-are-doing/grants/peterson-pew-commission-report
"Today’s CBO projections are the latest loud and clear warning about America’s unsustainable national debt," said Michael A. Peterson.
https://www.pgpf.org/press-release/2024/02/peterson-foundation-statement-on-new-cbo-report
“At $23 trillion and counting, the national debt is a major concern for the vast majority of Americans across party lines,” said Michael A. Peterson, CEO of the Peterson Foundation.
https://www.pgpf.org/press-release/2019/11/fci-press-release