Statement by PGPF on President Obama's FY2011 Budget
The Peter G. Peterson Foundation releases a statement on President Obama's FY2011 budget.
https://www.pgpf.org/press-release/2010/02/statement-by-pgpf-on-president-obamas-fy2011-budget
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The Peter G. Peterson Foundation releases a statement on President Obama's FY2011 budget.
https://www.pgpf.org/press-release/2010/02/statement-by-pgpf-on-president-obamas-fy2011-budget
This outlook is particularly worrisome because the baby boom generation is beginning to retire and will place growing demands on Social Security, Medicare, and Medicaid in the 2020s.
The President’s budget for Fiscal Year 2012 contains spending and revenue proposals for the remainder of the current year, as well as the coming decade.
"Reaching $20 trillion in debt should be a wake-up call to solve our fiscal challenges, not an invitation to add to the problem," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
Under current spending and tax policies, federal debt would be on a path that climbs to about 200 percent of gross domestic product within 25 years, according to CBO.
“This new CBO report shows just how much more dangerous the future looks if these tax cuts and spending increases are allowed to continue," said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
After months of negotiations, with default looming, Congress passed and the President signed the Budget Control Act of 2011, which raises the debt ceiling and puts a process in place for reducing the deficit.
https://www.pgpf.org/analysis/peter-g-peterson-foundation-analysis-of-the-budget-control-act-of-2011
“This new report provides the latest evidence that our fiscal condition has worsened significantly since the pandemic began, and will need to be addressed once we’re through the COVID crisis,” said Michael A. Peterson, CEO of the Peter G. Peterson Foundation.
The PGPF summary closely examines the key areas of the latest federal financial statement, including: the economy, the budget, the debt, challenges ahead, and the economic recovery.
https://www.pgpf.org/analysis/summary-of-the-2009-financial-report-of-the-us
Sequestration was designed to be a blunt instrument, whose arbitrary effects would be so undesirable that they would compel policymakers to reach compromise on budget legislation rather than allow the cuts to go into effect.