The United States is on an “unsustainable” path with regard to its national debt and it is time to address the issue, Jerome Powell said in an interview aired Sunday.
The US national debt currently stands at more than $34 trillion, according to the US Treasury.
“In the long run, the US is on an unsustainable fiscal path. The US federal government’s on an unsustainable fiscal path. And that just means that the debt is growing faster than the economy,” Powell told CBS’ “60 Minutes” news program.
“It’s probably time, or past time, to get back to an adult conversation among elected officials about getting the federal government back on a sustainable fiscal path,” he said in the interview, which was recorded on Thursday.
In the CBS interview, Powell reiterated that stance, saying it was unlikely that a rate cut would come at the next meeting of the rate-setting Federal Open Market Committee (FOMC) in March.
“I think it’s not likely that this committee will reach that level of confidence in time for the March meeting, which is in seven weeks,” Powell said.
