Statement on the 2013 Federal Government Shutdown
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
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.