The former U.S. Comptroller General said Congress’ failure to address the federal debt burden was “irresponsible.”
David Walker, former Comptroller General of the United States and a member of the Main Street Economics Advisory Board, said recent economic data should prompt lawmakers to take action before the debt problem gets worse.
Federal data showed the U.S. Gross Domestic Product grew at an annual rate of 1.6% in the first three months of the year, down from 3.4% in the previous quarter. The U.S. Bureau of Economic Analysis released the data, which came in well below expectations, raised concerns about the near future of the economy, and sent the stock market downward Thursday morning.
The slower growth came at the same time as inflation gathered steam, which could delay an interest rate cut.Inflation has not returned to the Federal Reserve’s 2% target. U.S. Department of Commerce figures showed that inflation increased by 3.4% […]
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