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Fed chair Jerome Powell says he's worried about rising US debt

Fed chair Jerome Powell says he's worried about rising US debt
(AP Photo/Carolyn Kaster)



Federal Reserve Chairman Jerome Powell is concerned about rising US debt. The annual debt in 2018 topped $1 trillion, while the overall deficit was $21.9 trillion as of January 8, according to the US Treasury, $16 trillion of which is owed by the public.




"I’m very worried about it," Powell told those at The Economic Club of Washington, DC, on Thursday. "From the Fed’s standpoint, we’re really looking at a business cycle length: that’s our frame of reference."




Part of the cause of the rising deficit, PBS NewsHour corresponded Lisa Desjardins explains, is that 2018 was the first year of President Donald Trump's tax bill.



Federal Reserve Chairman Jerome Powell is concerned about rising US debt. The annual debt in 2018 topped $1 trillion, while the overall deficit was $21.9 trillion as of January 8, according to the US Treasury, $16 trillion of which is owed by the public.
"I’m very worried about it," Powell told those at The Economic Club of Washington, DC, on Thursday. "From the Fed’s standpoint, we’re really looking at a business cycle length: that’s our frame of reference."
"The long-run fiscal, nonsustainability of the U.S. federal government isn’t really something that plays into the medium term that is relevant for our policy decisions," Powell continued. "It’s a long-run issue that we definitely need to face, and ultimately, will have no choice but to face."
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