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Trump Ropes Fed Into Debt Fight as GOP Faces Fiscal Mess

UNITED STATES, JUN 21 – Trump and allies criticize Powell's monetary policies amid concerns over $36 trillion national debt and $881 billion interest payments, urging leadership change to address fiscal challenges.

  • Recently, President Donald Trump called Federal Reserve Chair Jerome Powell 'a stupid person,' with support from an administration official urging Powell's resignation.
  • That pressure stems from the $36 trillion national debt, which creates economic drag through rising interest payments, as Congress's fiscal irresponsibility exacerbates the threat to the U.S. economy.
  • Bill Pulte called for Powell's resignation, citing high rates, with Senators Scott and Tuberville supporting the push amid debt concerns.
  • Despite the criticism, the Fed held rates steady for the fourth meeting, while Treasury Secretary Scott Bessent assured the July 4 budget bill will pass.
  • Broader risks include stagflation and financial meltdown, with former Fed official William English calling public attacks on Powell 'pretty unusual' and warning of serious consequences if ignored.
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Quartz broke the news in United States on Friday, June 20, 2025.
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