WASHINGTON, D.C. -- The Committee for a Responsible Federal Budget (CRFB) congratulates newly-inaugurated President Barack Obama on this historic day and looks forward to working with his administration to face and overcome the daunting economic and budgetary challenges facing the nation today.

"Our new President and his team understand the crisis we are in, and when it comes to the federal budget, they are raising expectations across the board that soon we can bring real and meaningful reform to the busted federal budget," said Maya MacGuineas, President of CRFB.

In his inaugural address, President Obama stated that the U.S. economy is "badly weakened" in no small part because of "our collective failure to make hard choices."  While stimulus paid for with deficit spending at the moment is the right policy, CRFB believes that ending the shameful practice of pushing the costs of running the country of today onto the next generation represents one of the hardest, and most important, choices that policymakers must address. 

"Yesterday was a day of celebration for the achievements of an inspiring man and a great new start for the country," said MacGuineas.  "Nobody should take away from that.  But once the party is over and the hard work begins, the Committee for a Responsible Federal Budget stands ready to help President Obama put the American fiscal house back in order."

The Committee for a Responsible Federal Budget is a bipartisan organization committed to educating policy makers and the public about issues related to fiscal policy. The Committee is located at the New America Foundation. Please visit www.crfb.org.