Statement on the 2013 Federal Government Shutdown

NEW YORK — Michael A. Peterson, president and chief operating officer of the Peter G. Peterson Foundation, released the following statement this morning responding to the government’s shutdown, which took effect on Tuesday, October 1st:
“Shutting down the government is a disappointing and unfortunate step in the wrong direction. Government-by-crisis gets us no closer to finding a solution to the real threat to our economy: our long-term structural deficits. Congress and the President should find a way through this immediate fiscal and political chaos, which is hurting our fragile economic recovery. Once they do, they should re-commit themselves to developing a comprehensive bipartisan plan to finally put the nation on a sustainable fiscal path.”
Further Reading
The Four Key Institutions in the Federal Budget Process
Four institutions provide the analytical foundation for nearly every federal budget decision.
How Rising National Debt Drives Up Interest Rates — and What That Means for Americans
By adding upward pressure to interest rates, the rising national debt can increase the cost of living for American households.
Social Security Reform: Lessons From the Greenspan Commission
As the conditions of the 1980s mirror that of today, a commission is a viable and helpful framework worthy of consideration.