The Peter G. Peterson Foundation has announced $1.2 million in grants to support the development of six comprehensive long-term fiscal sustainability plans by policy institutes from across the ideological spectrum.

Grants of $200,000 each were awarded to the American Enterprise Institute, Bipartisan Policy Center, Center for American Progress, Economic Policy Institute, Heritage Foundation, and Roosevelt Institute Campus Network to develop fiscal goals and a recommended package of proposals for achieving them. The grantees will present their reports at the foundation's second annual fiscal summit, to be convened later this year.

"The National Commission on Fiscal Responsibility and Reform and other organizations have proven that the era of denial of our fiscal challenges is over," said Peterson Foundation chairman Peter G. Peterson. "There is no longer any doubt that America's long-term debt outlook is unsustainable and a transcendent threat to our economy. These grants to some of the best minds from a variety of perspectives will give the country a number of options to help put our federal government and economy on a sustainable long-term path. As a nation, we can stimulate our economy and create jobs in the short-term, while putting a long-term plan in place for after the economy recovers to reduce our projected debt and provide resources for critically needed investments."