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
5 Ways Rising National Debt Makes America Less Affordable
The rising debt contributes to higher inflation and interest rates, which can have significant negative consequences for American families and businesses.
How Much Government Spending Goes to Children?
Interest costs on the national debt are expected to rapidly outstrip spending on children in coming years.
IRS Staffing Cuts Will Reduce Revenues, Driving Deficits Higher
Reductions in IRS personnel decrease federal revenues, increase deficits, and significantly exacerbate the gap between taxes that are owed and taxes that are actually paid.