The director of the Congressional Budget Office-known for its gloomy national debt data-is very optimistic that a crisis will be avoided entirely | Fortune

"Public debt stands at more than $39 trillion, with the interest expense on that borrowing now exceeding $1 trillion a year, highlighting the urgent need for a sustainable fiscal path."

"Swagel's optimism stems from his experiences during the 2008 financial crisis and the COVID pandemic, where he witnessed the U.S. economy recover against all odds."

"Despite concerns from prominent figures like Jamie Dimon and Jerome Powell about national debt, Swagel believes that the government will take necessary actions to ensure fiscal sustainability."

Dr. Phillip Swagel, director of the Congressional Budget Office, maintains an optimistic view of the U.S. economy despite the staggering public debt exceeding $39 trillion and annual interest payments surpassing $1 trillion. The CBO's recent budget update indicates substantial interest expenses, with nearly $530 billion paid out in just six months. Swagel believes that the U.S. will not face a self-made crisis, citing past recoveries from economic downturns. He advocates for a sustainable fiscal path but trusts that leaders will act when necessary.

Read at Fortune