Phillip Swagel, director of the Congressional Budget Office, maintains an optimistic outlook on the U.S. economy despite a national debt exceeding $39 trillion. Annual interest payments now surpass $1 trillion, equating to roughly $22 billion a week. However, Swagel rejects the notion that a fiscal crisis is inevitable. Drawing on his experience at the Treasury during the 2008 financial crisis and his tenure at the CBO during the pandemic, he points to the economy’s demonstrated ability to recover from significant shocks as a basis for his confidence.
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Source · Fortune
