Washington Fiscal Summit Brings Together Administration, Policymakers and Budget Experts to Discuss Bipartisan Fiscal Solutions

WASHINGTON, May 25, 2011 /PRNewswire/ -- As lawmakers work to develop a plan to address America's long-term debt, the Peter G. Peterson Foundation today convened Administration officials, Members of Congress, experts, and thought leaders from across the political spectrum to discuss possible elements of a bipartisan fiscal agreement at the 2011 Fiscal Summit: Solutions for America's Future at the Mellon Auditorium in Washington, DC.

At the Foundation's 2010 Summit, participants agreed on the need to take action on the nation's unsustainable long-term debt and deficits. A year later, the second annual Summit is bringing together key elected leaders and experts to discuss a variety of concrete solutions and achievable areas of consensus. The Summit culminates the Foundation's Solutions Initiative, which brought together experts at six leading policy organizations from across the ideological spectrum to develop packages of solutions which will be presented and discussed today and could comprise elements of a fiscal bargain. If current policies continue, America's debt is projected to grow to 185 percent of GDP by 2035, threatening the nation's long-term economic prosperity and saddling future generations with an unthinkable burden.

"The greatest threat to our ability to build a strong economy and keep the promises of Social Security and Medicare is our exploding debt," said Foundation Chairman Peter G. Peterson. "We must take action soon to improve America's fiscal outlook.  This is a very hopeful moment because there is more momentum to solve our fiscal challenges today than I have ever seen before. Americans understand the urgency, and they are looking for solutions. It is important for members of both parties to know that compromise is possible and that it would be welcomed – even rewarded – by voters. The goal of the Fiscal Summit is to put forward solutions that can contribute to an agreement."

Summit participants include:

• President William J. Clinton, 42nd President of the United States
• Senator Saxby Chambliss (R-GA), Vice Chairman, Senate Select Committee on Intelligence
• Senator Kent Conrad (D-ND), Chairman, Senate Budget Committee
• Senator Mike Crapo (R-ID), Member, Senate Budget Committee
• Senator Dick Durbin (D-IL), Senate Majority Whip
• Senator Mark Warner (D-VA), Member, Senate Budget Committee
• Representative Paul Ryan (R-WI), Chairman, House Budget Committee
• Gene Sperling, Director, National Economic Council
• Governor Mitch Daniels, 49th Governor of Indiana; Former Director, The Office of Management and Budget
• Senator Alan Simpson, Co-Chair, National Commission on Fiscal Responsibility and Reform
• David Cote, Chairman and CEO, Honeywell; Member, National Commission on Fiscal Responsibility and Reform
• David Brooks, Columnist, The New York Times
• Megan McArdle, Business and Economics Editor, The Atlantic
• Tamara Draut, Vice President of Policy and Programs, Demos
• Pete Peterson, Chairman, Peter G. Peterson Foundation
• Michael A. Peterson, Vice Chairman, Peter G. Peterson Foundation

Interviewers and Moderators include:

• Maria Bartiromo, Anchor, CNBC's Closing Bell; Anchor and Managing Editor, The Wall Street Journal Report with Maria Bartiromo
• Gwen Ifill, Moderator and Managing Editor, PBS's Washington Week; Senior Correspondent, The PBS NewsHour
• Ezra Klein, Columnist, The Washington Post and Bloomberg; Policy Analyst, MSNBC
• David Wessel, Bureau Chief, The Wall Street Journal
• George Will, Columnist, The Washington Post
• Judy Woodruff, Senior Correspondent, The PBS NewsHour

*The agenda for the day's events is available here: http://www.zshare.net/download/90585530de42561d/

Highlights of the Solutions Initiative

At the Summit, specific budget solutions were proposed by experts at the American Enterprise Institute, Bipartisan Policy Center, Center for American Progress, Economic Policy Institute, The Heritage Foundation and Roosevelt Institute Campus Network. Supported by funding from the Peter G. Peterson Foundation, the proposals put forth were designed to address the nation's long-term budget challenges. The organizations were granted full discretion and independence to develop their own fiscal goals through 2035, and to propose recommended packages of solutions.

"The range of substantive, innovative proposals discussed today at the Summit is further proof that our fiscal challenges can be solved," said Foundation Vice Chairman Michael A. Peterson. "Now is the time for lawmakers to agree on a comprehensive plan to ensure the future prosperity of our nation. We must come together on a bipartisan solution before a crisis forces us into actions that no party and no American will like."

*Summaries of all proposed plans can be found here: http://www.zshare.net/download/9058559570e0c6bb/

Click here to watch a live stream of the Summit: www.pgpf.org/FiscalSummit

Quotes from the Summit will be live tweeted. Follow us on Twitter at @FiscalSummit.

Following the Summit, photos and video clips can be accessed here: www.pgpf.org/FiscalSummit/PressCenter

About the Peter G. Peterson Foundation

The Peter G. Peterson Foundation is a non-profit, non-partisan organization established by Pete Peterson – businessman, philanthropist, and former U.S. Secretary of Commerce.  The Foundation is dedicated to increasing public awareness of the nature and urgency of key long-term fiscal challenges threatening America's future and to accelerating action on them. To address these challenges successfully, we work to bring Americans together to find and implement sensible, long-term solutions that transcend age, party lines and ideological divides in order to achieve real results. To learn more, please visit www.pgpf.org.

SOURCE Peter G. Peterson Foundation