Statement from Foundation Chairman, Pete Peterson, on the President’s Remarks
“It’s encouraging to hear that the President and Congressional leaders will be meeting next week to discuss the urgent fiscal issues facing the country. Since the election, we’ve heard positive signs that our leaders in Washington are moving toward compromise.
The fiscal cliff represents an important moment of opportunity — the wide consensus against the cliff can be the foundation for agreement on a bipartisan long-term fiscal plan. With the elections over, it’s time to get down to work on a comprehensive plan that protects the economy in the short term and stabilizes debt over the long term.”
Further Reading
The Federal Government Has Borrowed Trillions. Who Owns All that Debt?
Most federal debt is owed to domestic holders, but foreign ownership is much higher now than it was about 50 years ago.
With $40 Trillion in Debt, Is the U.S. Headed for More Credit Downgrades?
Three successive downgrades of the U.S. credit rating should alarm elected leaders, but our national debt remains on an unsustainable trajectory.
The United States Is Adding to the National Debt Faster Than Ever
The nation’s debt is growing at a historic rate and eclipsing all-time highs.