Statement by Michael Peterson on the President’s FY2017 Budget
NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today following the release of President Obama’s budget for fiscal year 2017:
“Although President Obama’s budget keeps the debt from rising as a share of the economy over the next ten years, it does not sufficiently address the key drivers of our long-term, unsustainable debt.
“Deficits under the president’s budget will begin growing again, totaling $6.1 trillion over the next ten years. And over the long term, the president’s budget leaves in place a permanent mismatch between revenues and spending that will fuel a rising and unsustainable debt. Interest costs alone will total $5.8 trillion over the next 10 years, threatening to crowd out critical investments in our nation’s economic future.”
“Budgets are important documents that deserve close consideration on Capitol Hill and on the campaign trail. The 2016 election season is a perfect opportunity for a national conversation between Americans and their candidates about solutions to our nation’s fiscal and economic challenges. America’s leaders and those seeking office should put forward their plans to put our long-term debt on a sustainable path, which is critical to grow our economy.”
For the president’s budget for fiscal year 2017, click here.
Further Reading
Long-Term Budget Outlook Leaves No Room for Costly Legislation
As lawmakers consider costly legislation to extend expiring tax provisions this year, CBO’s latest projections serve as a warning that our fiscal outlook is already dangerously unsustainable.
Republicans Considering Costly Tax Cut Proposals
Leaders in Congress and the Administration have outlined a broad package of tax cuts that could total $9.1 trillion.
Moody’s Warns Recent Policy Decisions Worsen U.S. Fiscal State, Maintains Negative Outlook Rating
Moody’s says that the United States is in fiscal deterioration, warning that government policy decisions in the near term could contribute to higher interest rates and worsening national debt.