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Business & Economy
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Business & Economy
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Powell warns US on ‘unsustainable’ path
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Federal Reserve Chair Jerome Powell warned the nation is on an “unsustainable” fiscal path after the national debt topped $36 trillion for the first time ever.
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“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,” Powell said during an interview at the New York Times DealBook Summit.
Powell warned the nation is running “very large budget deficits at a time of full employment and strong growth,” pressing for action sooner rather than later.
“We don’t need to pay the debt down. We don’t need to balance the budget. We just need the economy to grow faster than the debt. And that’s not happening,” Powell said.
Powell, a lifelong Republican first appointed to lead the central bank by President-elect Trump and reappointed by President Biden, has repeatedly warned the U.S. is on an unsustainable fiscal path.
His latest comments come as Republicans ready for an intraparty battle over the potential fiscal impact of massive tax cuts in Congress, which is responsible for setting fiscal policy.
Speaker Mike Johnson (R-La.) and GOP leadership want to move quickly to craft a follow-up to the 2017 Tax Cuts and Jobs Act once Trump takes office and the GOP consolidates control in Washington.
The Hill’s Taylor Giorno has more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Did someone forward you this newsletter? Subscribe here.
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Key business and economic news with implications this week and beyond:
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Powell calls for ‘change’ in ‘unsustainable’ fiscal path
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Federal Reserve Chair Jerome Powell warned Wednesday that the U.S. is on an “unsustainable” fiscal path and called for a course correction days after the national debt topped $36 trillion for the first time ever.
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Sam Altman brushes off Musk’s influence in Trump administration amid tension
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Sam Altman, the CEO of tech company OpenAI, brushed off tech billionaire Elon Musk’s influence in the upcoming Trump administration, according to a Wednesday report from The New York Times.
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Trump nominates Paul Atkins as SEC chair
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President-elect Trump has nominated former Securities and Exchange Commissioner (SEC) Paul Atkins to replace outgoing chair Gary Gensler when he departs on Inauguration Day.
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Upcoming news themes and events we’re watching:
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- The Senate Health, Education, Labor, and Pensions holds hearings Thursday at 10 a.m. ET to examine Food and Drug Administration efforts to address diabetes and obesity rates, “focusing on the food and beverage industry.”
- The November jobs report comes out Friday at 8:30 a.m.
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Branch out with more stories from the day:
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UnitedHealthcare CEO kept a low public profile. Then he was shot to death in New York
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NEW YORK (AP) — Brian Thompson led one of the biggest health insurers in the U.S. but was unknown …
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Business and economic news we’ve flagged from other outlets:
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- U.S. stocks are quadrupling the returns of the world. Will ‘U.S. exceptionalism’ continue? (CNBC)
- China Just Showed Washington How It Plans to Fight the Next Trade War (The New York Times)
- The economic clashes looming in Trump 2.0 (Politico)
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Top stories on The Hill right now:
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White House press corps recoils at Trump’s threat to shake up briefing room
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Signals from President-elect Trump’s team that a shake-up of the White House press briefing room could be coming are roiling journalists preparing to cover his second term. Read more
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Live updates: Hegseth doubles down despite increasing scrutiny
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Pete Hegseth, President-elect Trump’s embattled pick for Defense secretary, is facing growing scrutiny on Capitol Hill — but says he won’t back down from the fight. Read more
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Opinion related to business and economic issues submitted to The Hill:
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- A modest proposal for Elon and Vivek: Improve what’s already efficient
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You’re all caught up. See you tomorrow!
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