Peterson Foundation: Budget ‘Compromise’ Ignores Next Generation

NEW YORK — Michael A. Peterson, CEO of the Peter G. Peterson Foundation, commented today following House passage of the Bipartisan Budget Act of 2019, which is estimated to increase debt by $1.7 trillion over the next 10 years.

“This budget deal is Washington’s version of a compromise: everybody gets what they want, except the next generation.

“This deal ignores our large and growing fiscal imbalances and is a step in the wrong direction for our economy. We’re already heading towards trillion dollar annual deficits, so adding more to the debt is the last thing we need. There’s just no reason to be piling so much debt onto our kids and grandkids, especially during a strong economy, and when they will already face many daunting challenges like automation and climate change.

“There are many worthwhile areas where we can and should make investments in our future, but the truth is that we can invest and manage our debt at the same time. That’s what American businesses and families strive to do. Lawmakers have no shortage of options to pay for their priorities and improve our fiscal sustainability, whether through new revenues or spending cuts.

“Of course it’s essential to avoid a shutdown or default, but shouldn’t our leaders be asked to do more than avoid self-inflicted crises? Budget procedures and deadlines should be an opportunity to strengthen the nation’s financial standing, not add to the irresponsibility.”