Michael A. Peterson Releases a Statement on the President’s Budget
“By putting Social Security and health care reforms on the table, President Obama’s budget opens the door to fresh discussions about a comprehensive long-term plan that finally gets America’s fiscal house in order.
“Now that we have budgets from the House, the Senate and the Administration, it is in the best interests of the country for Democrats and Republicans to re-double their efforts to overcome their differences.
“The goal of any sustainable fiscal policy is to stabilize debt as a share of the economy and put it on a downward path. While the inclusion of these reforms is an important step, additional reforms beyond the measures in the President’s budget will be needed to stabilize the debt over the long term.
“It’s time to set ideology aside and make the tough choices to solve our fiscal challenges to build confidence and lay a strong foundation for future prosperity.”
Further Reading
Fed Holds Rates as Interest Costs on the National Debt Top $1 Trillion
High interest rates on U.S. Treasury securities increase the federal government’s borrowing costs.
Most Get More from Social Security and Medicare Than They Pay In
Understanding lifetime tax and benefit payments, and how those lifetime balances vary, can help policymakers better target reforms to ensure the programs can be sustainable for decades to come.
9 Facts About Social Security and the Need to Strengthen It
Social Security is an essential program for millions of Americans, but it’s at risk if lawmakers fail to take action to reform the program.