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  Fed chief issues stark warning to Congress on deficits
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ContributorPA Indy 
Last EditedPA Indy  Feb 12, 2020 10:49am
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AuthorSylvan Lane
News DateTuesday, February 11, 2020 04:00:00 PM UTC0:0
DescriptionFederal Reserve Chairman Jerome Powell called on Congress to reduce the U.S. federal budget deficit to ensure the central bank could adequately respond to a financial crisis or recession.

Powell told a House committee Tuesday that lawmakers should curb federal spending while the economy is running strong before a downturn forces Congress or the Fed to pump stimulus spending into the U.S.

“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 Tuesday before the House Financial Services Committee.
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