WASHINGTON—Federal Reserve Chair Jerome Powell on April 14 pushed back on warnings about a rising federal budget deficit and national debt due to aggressive fiscal response to the pandemic and said the “current level of the debt is very sustainable.” “There’s no question of our ability to service and issue that debt for the foreseeable future,” he said during a virtual interview hosted by the Economic Club of Washington, DC. He warned, however, that the national debt is growing “meaningfully faster” than the U.S. economy. “That’s by definition, unsustainable over time. It’s a different thing to say that the current level of the debt is unsustainable. It’s not.” Federal debt held by the public reached 100 percent of gross domestic (GDP) product in the last fiscal year. And President Joe Biden’s $1.9 trillion coronavirus relief package signed into law last month increased the deficit and the national debt even further. The …