Fed Chief Powell on mounting US deficit: It would be a 'very big deal' to not pay our bills when due

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Fed Chief Powell on mounting US deficit: It would be a 'very big deal' to not pay our bills when due
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Federal Reserve Chairman Jerome Powell began his two-day semiannual testimony Tuesday before a Senate committee.

As Congress again wrestles over raising the level of debt the government can incur, Federal Reserve Chairman Jerome Powell cringed at what would happen if it fails to do so.

The debt limit would come back into effect March 2 should Congress not enact legislation allowing for more borrowing.

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