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
The One Big Beautiful Bill Act Is the Most Expensive Reconciliation Package in Recent History
This week, lawmakers in Congress approved reconciliation legislation that will add trillions of dollars to America’s already unsustainable fiscal trajectory
Healthcare Costs Are a Major Driver of the National Debt and Here’s the Biggest Reason Why
One of the largest drivers of that rising debt is federal spending on major healthcare programs, such as Medicare and Medicaid.
Despite Decades of Warnings, Depletion of Social Security’s Trust Fund Is Getting Closer
The depletion dates for Social Security and Medicare’s Trust Funds are rapidly approaching.