The growing national debt is on an unsustainable path and must be reduced to avoid long-term damage to the U.S. economy, experts warned on May 4.
“With respect to interest rates and soaring debt, we are sitting on a ticking time bomb. Congress should be working diligently to avert an otherwise-inevitable debt crisis,” Brian Riedl, a senior fellow at the Manhattan Institute for Policy Research, said in testimony before the Senate Budget Committee.
Jason J. Fichtner, vice president and chief economist at the Bipartisan Policy Center, confirmed that assessment.
“The nation’s debt is on an unsustainable trajectory, and action must be taken now. Further delay will only make the problem worse and the necessary corrections more harmful to the country and to the most vulnerable in our society,” Fichtner said….