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Title : U.S. Federal Reserve Chairman Jerome Powell Warns Congress That US Deficit On 'Unsustainable' Path
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U.S. Federal Reserve Chairman Jerome Powell Warns Congress That US Deficit On 'Unsustainable' Path

 

FOX News: Fed's Powell warns Congress that US deficit on 'unsustainable' path  

The US deficit soared to $1.9T for the first eight months of the fiscal year, the Congressional Budget Office said 

Federal Reserve Chairman Jerome Powell warned Congress during his semi-annual testimony that the U.S. budget deficit, which is expected to hit $3.7 trillion this year, is on an "unsustainable path." 

"The United States federal budget has been on an unsustainable path for years now," Powell said Tuesday on the first of his two-day testimony. "And that just means the debt is growing faster than the economy, so debt-to-GDP is rising. That is, by definition, unsustainable." 

The U.S. deficit soared to $1.9 trillion for the first eight months of the fiscal year, the Congressional Budget Office said. In May, the gap between what the government spent and what it collected hit $424 billion, more than twice the level it was at one year ago. The nonpartisan agency estimated that revenue in May totaled $175 billion — down $58 billion from last year, the result of a decline in wages and overall economic activity.  

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WNU Editor: I find it incredible to actually hear the US Federal Reserve Chairman admitting that the current deficit situation is unsustainable. And what is even more incredible is the lack of news media coverage on what he said. 

But this is nothing new from the Fed Chairman. He was saying the same thing in 2019 before the pandemic .... Powell: U.S. debt is 'on unsustainable path,' crimping ability to respond to recession (USA Today).

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