Peterson Foundation Statement on Government Shutdown
Peterson Foundation Statement on Government Shutdown
NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today in response to the government shutdown:
“It’s highly unfortunate that we are experiencing yet another government shutdown. Shutdowns not only interrupt federal programs and services, but they are harmful to the economy and waste time and money.
“Even after these final budget details are resolved, Washington seems content to spend a billion dollars a day on interest alone, and add $20 billion to our debt every single week. Instead of governing by crisis and brinksmanship, our leaders should work collaboratively to address the major structural challenges in our budget. We must do so in order to create the stable fiscal and economic path that all Americans deserve.”
Further Reading
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Understanding interest rate trends is critical to the nation’s fiscal outlook because they are a significant factor for interest costs within the budget.
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The Government Accountability Office (GAO) has tried to quantify the extent of improper payments and estimates that they totaled $236 billion in 2023.
Continuing Resolutions Are Stopgap Measures — But Now We Average Five a Year
While continuing resolutions can help avoid government shutdowns, they should be rarely used. However, CRs have become the norm.