Federal Reserve Chair Powell warns Congress that $1 trillion budget deficits are unsustainable

Federal
Reserve Board Chair Jerome H. Powell told Congress on Tuesday that now
would be a good time to reduce the federal budget deficit, which is
expected to top $1 trillion this year.“Putting
the federal budget on a sustainable path when the economy is strong
would help ensure that policymakers have the space to use fiscal policy
to assist in stabilizing the economy during a downturn,” Powell said in
testimony to the House Financial Services Committee.