Powell sounds alarm over US fiscal path

The U.S. national debt topped $34 trillion for the first time ever in early January, just over three months after surpassing the $33 trillion mark, according to data released by the U.S. Treasury.

Congress has punted on spending deadlines three times since the end of September as it grapples with how to fund the government amid tensions over the ballooning national debt.

Federal Reserve Chair Jerome Powell said in a “60 Minutes” interview with Scott Pelley that the country’s debt “is growing faster than the economy.”