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Treasury's Malpass Says Rising U.S. Debt, Deficit `Troubling'

Published 21/02/2018, 13:14
Updated 21/02/2018, 15:09
© Bloomberg. The U.S. Capitol stands in Washington, D.C., U.S., on Sunday, Jan. 21, 2018. The House and Senate are back in session Sunday with a federal government shutdown in its second day amid a spending-bill impasse in Congress. The House is supposed to be on recess this week, but members stayed in Washington as negotiations continue.

© Bloomberg. The U.S. Capitol stands in Washington, D.C., U.S., on Sunday, Jan. 21, 2018. The House and Senate are back in session Sunday with a federal government shutdown in its second day amid a spending-bill impasse in Congress. The House is supposed to be on recess this week, but members stayed in Washington as negotiations continue.

(Bloomberg) -- A senior U.S. Treasury official said he wants to see a multiyear effort to narrow the federal budget deficit, as he warned the nation’s mounting debt is "troubling."

"I am troubled by the deficit; and troubled by the national debt, and I think we need a three-year program to deal with it," David Malpass, the Treasury’s undersecretary for international affairs, said Wednesday during an interview on Fox Business Network. "It’s a very challenging environment."

Malpass said President Donald Trump’s administration doesn’t anticipate another government shutdown next month when the current short-term spending measure expires. He said there are government programs that "simply aren’t needed" and cited a "challenging" budget process on Capitol Hill.

He was speaking ahead of the release of a 700-page report that he said would focus on growing the U.S. economy, though he declined to "get ahead of the president" by laying out its specifics.

"What we will see, I think, is spending that sprawls too widely," he said.

© Bloomberg. The U.S. Capitol stands in Washington, D.C., U.S., on Sunday, Jan. 21, 2018. The House and Senate are back in session Sunday with a federal government shutdown in its second day amid a spending-bill impasse in Congress. The House is supposed to be on recess this week, but members stayed in Washington as negotiations continue.

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