“We’re going to need to be watching our own fiscal projections in the United States very carefully, because I think they’re going to look different with current market interest rates,” he added. “If you factor in the recession that’s likely to come, that’s going to have some significant effects.”
The US will need to be particularly alerted with its budget, given Biden’s student loan-forgiveness program, emergency aid for Hurricane Ian, as well as the growing defense budget, Summers added. “The fiscal issues need, sooner or later, to be back on the table in the United States.”
