The U.S. faces a market shock akin to Liz Truss’s style if the government continues to ignore the country’s rising federal debt, warned the head of Congress’s independent fiscal service.
Phillip Swagel, director of the Congressional Budget Office, stated that the growing budget burden of the U.S. is on an “unprecedented” trajectory, threatening a crisis similar to the one that triggered the sterling pound’s flight and the collapse of the Truss government in the UK in 2022.
