Fed Chairman Powell says he is ‘very worried’ about growing amount of U.S. debt
- Total U.S. debt is about $21.9 trillion, of which $16 trillion is owed by the public. The sustained annual U.S. deficit is now believed to be more than $1 trillion.
- “I’m very worried about it,” Fed Powell said Thursday. “It’s a long-run issue that we definitely need to face, and ultimately, will have no choice but to face.”
- In part because of continued rate increases under Powell, the interest cost on that debt could start to become a bigger and bigger burden.