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The 2012 elections are over, but the fight over how to slow the nation's runaway debt is just getting started. The White House and Congress are now jockeying for position to avert massive budget cuts and tax hikes early next year. It promises to be a fierce debate with many voices and we have a report now on one of them, the man largely responsible for making the fiscal debate so prominent.
Here's NPR's Peter Overby with the story of billionaire and former Commerce Secretary Peter Peterson.
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PETER OVERBY, BYLINE: The opening bell at the New York Stock Exchange as it was rung last month by a group of big company CEOs under the banner Fix the Debt. The Fix the Debt campaign comes from the Committee for a Responsible Federal Budget, just one of the many groups pushing for action with the backing of Pete Peterson's private foundation. Peterson money helped create the Simpson-Bowles Commission, which crafted one combination of tax hikes and spending cuts.
Erskine Bowles appeared last spring on "The Charlie Rose Show."
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ERSKINE BOWLES: As long as people are worshiping the great god of reelection...
CHARLIE ROSE: Right.
BOWLES: ...then we're going to have a hard time getting to the Promised Land.
OVERBY: And Peterson was behind the task force headed by fiscal expert Alice Rivlin and former Senator Pete Domenici who spoke two years ago on the "PBS NewsHour."
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PETE DOMENICI: I believe leadership, including leadership from the president, is going to make this a war, a war on this debt. And if we do that we might win.
OVERBY: Peter G. Peterson is 87 years old. He was commerce secretary in the Nixon administration. Then he moved into investment banking and private equity and did very well. When he retired, he was a billionaire, but one with a cause. Peterson held a conference last week here in Washington. Think tanks from the Employment Policies Institute on the left to the Heritage Foundation on the right talked about their proposed solutions - solutions funded by Peterson Foundation grants.
Other groups he's backed include the Concord Coalition, which he founded, and the grassroots organizer America Speaks. All in all, the foundation has given out nearly $26 million over the past three years, almost all of it aimed at attacking the debt.
At the liberal Campaign for America's Future, Robert Borosage questions if that's the right strategy.
ROBERT BOROSAGE: Fix the debt as opposed to fix the economy.
BOROSAGE: Right? And there's a big difference between the two when you're in the midst of a faltering recovery and you've still got, you know, over 20 million people in need of full-time work.
OVERBY: Borosage says Peterson spread the money around so that now the national debt is on everyone's agenda.
BOROSAGE: If he can get liberal groups to argue about the debt and conservative groups to argue about the debt, and they argue about it in different ways, I think he sees that as success.
OVERBY: And Borosage and other liberals argue that dwelling on the debt will mean drastic cuts in programs that help low and middle income Americans, which isn't at all what Peterson says he intends. Here he is in a video posted on the foundation website talking about Medicare, Medicaid and Social Security.
PETER G. PETERSON: I would hate to get - permit ourselves to get into a position where these programs for the vulnerable were cut.
OVERBY: And on the notion of whacking the middle class?
P. PETERSON: But I would think that if the upper class suffers far more than anyone else, both in terms of tax increases and benefit cuts, the middle class would be far more willing to accept at least some sacrifice.
OVERBY: But setting intentions aside, it's extremely rare that any one individual has so much impact on a big policy question. Peterson's son Michael is the foundation's president. He says Pete Peterson's role isn't really all that powerful.
MICHAEL PETERSON: I think the main reason we are seeing a chorus of individuals calling for a solution on our fiscal challenges is because it's so obviously hurting our economy.
OVERBY: But others say Peterson has largely driven the debate. James Thurber is a professor at American University, where he oversees the Public Affairs and Advocacy Institute.
JAMES THURBER: I would call him the conductor of an orchestra, but an orchestra of many people and events that have put a focus on the debt and the deficit since the mid-'80s.
OVERBY: It's an orchestra that few would have the stamina or the financial wherewithal to assemble or conduct. Peter Overby, NPR News, Washington.
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