Statement from the Peterson Foundation on Chairman Ryan's Budget Proposal

NEW YORK — Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following the release of the Fiscal Year 2015 Budget by House Budget Committee Chairman Paul Ryan (R-WI):

"Chairman Ryan deserves credit for putting forward a plan that addresses the important fiscal choices that we face as a nation.

"While near-term deficits are lower, our long-term debt is still on an unsustainable path that damages our economy, today and in the future. Now more than ever, it’s important that our elected leaders debate and discuss the tradeoffs necessary to stabilize our long-term debt.

"Importantly, Chairman Ryan’s plan makes progress this decade on addressing the key drivers of our long-term debt. While some in Washington see a reduced urgency to act, waiting until the distant future to confront our unsustainable debt is a recipe for fiscal failure and economic hardship.

"For any fiscal plan to be politically viable and lasting, it must achieve bipartisan support, and that means both parties will need to make concessions for the good of the nation. Despite the election year, our leaders must work together to address their differences and put the nation on a sustainable long-term fiscal path."

For the House Committee on the Budget, click here.