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BusinessFebruary 12, 2024

In the long run, the U.S. is on an unsustainable fiscal path. And that just means that the debt is growing faster than the economy ... effectively we're borrowing from future generations. It's time for us to get back to putting a priority on fiscal sustainability and sooner is better than later. ...

Federal Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve's monetary policy Dec. 13, at the Federal Reserve in Washington.
Federal Reserve Board Chair Jerome Powell speaks during a news conference about the Federal Reserve's monetary policy Dec. 13, at the Federal Reserve in Washington.Alex Brandon ~ Associated Press, file

In the long run, the U.S. is on an unsustainable fiscal path. And that just means that the debt is growing faster than the economy ... effectively we're borrowing from future generations. It's time for us to get back to putting a priority on fiscal sustainability and sooner is better than later. — Federal Reserve Chair Jerome Powell during a "60 Minutes" interview with Scott Pelley on CBS released Sunday, Feb. 4. According to data from the U.S. Treasury, the national debt topped $34 trillion for the first time ever in early January.

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Powell said the economy is strong and that the country is "making good progress" with lowering inflation rates.

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