Article

2024-02-06 Economy

Powell: ‘The US is on an unsustainable fiscal path'

[HILL] Federal Reserve Chair Jerome Powell said "the U.S. is on an unsustainable fiscal path" in a "60 Minutes" interview with Scott Pelley released Sunday.

"The U.S. federal government’s on an unsustainable fiscal path. And that just means that the debt is growing faster than the economy. So, it is unsustainable. I don’t think that’s at all controversial," Powell said when asked if the national debt is a danger to the economy.

The U.S. national debt topped $34 trillion for the first time ever in early January, just over three months after surpassing the $33 trillion mark, according to data released by the U.S. Treasury.

Congress has punted on spending deadlines three times since the end of September as it grapples with how to fund the government amid tensions about the ballooning national debt.

Under the latest stopgap measure passed in January, funding for four federal agencies will expire on March 1. Funding for the rest of the government is set to run out on March 8.

President Biden and House Republicans faced off on the borrowing limit last spring, ultimately averting disaster days before the U.S. was set to default. But Fitch Ratings downgraded the U.S. credit rating from "AAA" to "AA+" in August, citing the increasing burden of the national debt and repeated partisan standoffs over the debt limit.

Posted by Besoeker 2024-02-06 02:48|| || Front Page|| [11136 views ] Top

#1 Like Jerry Jones complaining about the Cowboys record.

Posted by Super Hose 2024-02-06 05:44|| 2024-02-06 05:44|| Front Page Top

#2 ...Nothing will be done until it can't be done.

Mike

Posted by MikeKozlowski 2024-02-06 06:32|| 2024-02-06 06:32|| Front Page Top

#3 Politicians are addicted to spending money they don't have like Fentanyl users to their habit.

Posted by Procopius2k 2024-02-06 07:28|| 2024-02-06 07:28|| Front Page Top

#4 ^Since FDR?

Posted by Grom the Reflective 2024-02-06 11:25|| 2024-02-06 11:25|| Front Page Top

#5 ...till the Nixon period the gold/silver base sort of limited the damage.

Posted by Procopius2k 2024-02-06 12:09|| 2024-02-06 12:09|| Front Page Top

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