Statement on the President's Budget from the Peterson Foundation
Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following the release of the President's FY2015 Budget.
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Michael A. Peterson, President and COO of the Peter G. Peterson Foundation, commented today following the release of the President's FY2015 Budget.
Every month the U.S. Treasury releases data on the federal budget, including the current deficit. Here is the data for September 2020.
https://www.pgpf.org/the-current-federal-budget-deficit/budget-deficit-september-2020
Independent analyses agree unanimously that either bill would add significantly to the growing national debt.
https://www.pgpf.org/blog/2017/12/poll-voters-say-that-tax-reform-shouldn%E2%80%99t-grow-the-debt
Since March 15, more than 65 million claims for regular unemployment insurance have been filed due to COVID-19. Find weekly updated statistics here.
The Peter G. Peterson Foundation presents a primer on the federal budget.
https://www.pgpf.org/budget-basics/the-federal-budget-primer
Social Security is an important program that is part of the fabric of America. We must ensure that Social Security is available for future generations.
https://www.pgpf.org/budget-basics/making-social-security-sustainable
The budget would achieve some deficit reduction on paper under the administration's calculations, but it fails to address the key drivers of our debt.
CBO projects that the federal budget deficit will increase as a share of GDP for the first year since 2009.
https://www.pgpf.org/analysis/2016/08/CBO-deficits-are-back-on-the-rise
Washington is debating tax reform. There’s talk of substantial tax cuts that would give trillions of dollars back to American taxpayers. That might sound great to some. But if Congress doesn’t find a way to pay for those tax cuts, future generations will be stuck with the bill.
The president's budget misses an opportunity to address the structural causes of our debt and relies instead on overly optimistic economic assumptions.