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Fed Chair Jerome Powell Warns Current U.S. Fiscal Path ‘Unsustainable’

On Sunday, “60 Minutes” published an interview in which Federal Reserve Chair Jerome Powell stated that the United States was on an unsustainable fiscal path in the long term.

“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 during the interview.

The U.S. national debt surpassed $34 trillion for the first time since early January, according to data released by the U.S. Treasury. This occurred just over three months after the debt surpassed $33 trillion.

Congress has made three postponements of spending deadlines since September’s end, as it attempts to determine how to fund the government in the midst of mounting national debt concerns.

As per the most recent interim measure enacted in January, financing will lapse on March 1 for four federal agencies. On March 8, funding for the remainder of the government is scheduled to expire.

In the spring of last year, President Biden and House Republicans debated the borrowing limit, sparing the United States averting impending doom days before it was scheduled to default.

However, in August, the United States’ credit rating was downgraded from AAA to AA+ by Fitch Ratings.

The downgrade was attributed to the mounting national debt and the recurring partisan impasses concerning the debt ceiling.

[READ MORE: New Poll Shows Whopping 70 Percent Of Americans Disagree With Biden’s Policy On Border]

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