The Bipartisan Budget Act, recently announced by Representative Ryan and Senator Murray, is a start but does little more than begin to chip away at the long-term issues facing the American economy.

"This bipartisanship agreement is a welcome break from our polarized politics, but unfortunately it is only a very small start," said Committee for Economic Development's (CED) CEO Steve Odland. "Significant deficit reduction still is essential to the long term health of our economy. We need to bring debt to GDP levels down to the 60% range and that requires true reform in entitlement spending and taxes. This agreement addresses none of that."

CED urges members of the House and Senate to swiftly pass legislation but not lose momentum in addressing the overwhelming debt the country continues to accumulate. New debt over the next ten years will be approximately 276 times the amount of budget savings written into the new budget deal.

"As these important conversations regarding the fiscal health of our country continue, Congress should adhere to finding common ground for the greater good as the rule, not just a one-time exception," Odland said.