“CBO’s new long-term budget outlook again highlights the urgency of reaching agreement on a bipartisan and comprehensive long-term deficit and debt reduction plan. We must address the projected explosion in federal debt. If we fail to act, it will have devastating consequences for our economy and for the future well-being of the American people.

“While I am encouraged by the bipartisan nature of the leadership negotiations being led by Vice President Biden, I am concerned by reports the group may be focusing on a limited package that will not fundamentally change the fiscal trajectory of the nation. That would be a mistake.

“This is no time for half-measures. What is needed is a bipartisan and comprehensive package that is similar in size and scope to the $4 trillion deficit reduction plan produced by the President’s Fiscal Commission. Importantly, the Fiscal Commission plan took a balanced approach, with discretionary spending cuts, including defense; entitlement changes; and tax reform that raises revenue. Both Democrats and Republicans had to move off of their fixed positions and make concessions in order to reach an agreement. That is what is needed to truly put the country back on a sound fiscal course.”

   
###

Contact: Stu Nagurka (202) 224-7436
Steve Posner (202) 224-7925