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The White House
Office of the Press Secretary
For Immediate Release

Peterson Statement on the President's Fiscal Policy Speech


By: Peter Peterson, Chairman of the Peter G. Peterson Foundation
“President Obama’s proposed framework is a big step toward the compromise we need to achieve fiscal sustainability.  The President has made it clear that he supports a comprehensive plan for long-term deficit reduction, and his framework provides another credible approach to tackling the key drivers of our long-term debt.  The proposal put forth by the President for bipartisan negotiations with representatives of both houses of Congress led by the Vice President is a call to action to our elected officials to come together to develop and implement a balanced, comprehensive plan to secure our economic future.
“Any successful long-term deficit reduction plan must be bipartisan, so both political parties will need to make compromises.  Any viable plan must include both spending cuts and revenue increases, and should address all of the major areas of the budget, including tax expenditures, defense, entitlements and discretionary spending.  There is no doubt that we can solve our problems in a comprehensive and compassionate way that achieves fiscal sustainability while preserving the social safety net for America’s vulnerable citizens and providing resources for important future investments in our economy.
“We encourage leaders from both parties to find common ground so that all citizens can enjoy a prosperous future.”