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In December 2024, Fed Chairman Jerome Powell said,

“The U.S. federal budget is on an unsustainable path. The debt is not at an unsustainable level, but the path is unsustainable, and we know that we have to change that.”

In a recent 60 Minutes interview, he clarified his December comment.

“The U.S. federal government’s on an unsustainable fiscal path. And that means that the debt is growing faster than the economy. So, it is unsustainable. I don’t think that’s at all controversial.”

In February 2025, the U.S. Government Accountability Office published The Nation’s Fiscal Health: Strategy Needed as Debt Levels Accelerate.

The publication highlighted the following:

· The federal government is on an unsustainable fiscal path, posing serious economic, security, and social challenges.

· We reported that: As of September 30, 2024, publicly held debt was $28.2 trillion, or 98% of the size of the economy

· Publicly held debt is projected to grow more than twice as fast as the economy, reaching 200% of the size of the economy by 2047

· Government spending on net interest in FY 2024 exceeded federal spending on Medicare and national defense, and is projected to keep growing