Statement on President Trump’s Budget Blueprint

NEW YORK — Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today on the President’s budget blueprint outlining discretionary spending levels for fiscal year 2018:
“America faces significant fiscal challenges caused by a structural, long-term imbalance between revenues and spending. Economic growth requires a stable fiscal foundation, and the annual budget process is an important opportunity to put our nation on a more sustainable path.
“Today’s budget provides initial information, covering just one year and focusing on discretionary spending, which represents only approximately 30% of spending. While every part of the budget is important, discretionary spending is not a key driver of our growing debt — it is already projected to decline below historical levels.
“As lawmakers work through the budget process and pursue other major reforms, they have a responsibility to address our nation’s high and rising debt. On our current path, annual deficits will exceed $1 trillion in just 6 years, and the national debt will grow by $10 trillion over the next 10 years. We need to change course and chart a path for a sustainable fiscal future, in order to build a solid foundation for economic growth and prosperity.”
For additional information, see:
Further Reading
How Much Do We Spend on the Federal Workforce?
Here, we examine the federal government’s expenditure on its workforce, the evolution of its size over time, and the opportunities for budget savings.
What Are Interest Costs on the National Debt?
Interest costs are on track to become the largest category of spending in the federal budget.
The One Big Beautiful Bill Act Is the Most Expensive Reconciliation Package in Recent History
The legislative package will be the most expensive reconciliation bill in a quarter of a century and will add trillions of dollars to the U.S. debt.