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US fiscal policy cannot continue unchanged, according to Rebecca Patterson, a senior fellow at the Council on Foreign Relations and former chief investment strategist at Bridgewater Associates.
Patterson spoke after total US public debt surpassed $40 trillion for the first time, rising by about a third in less than five years. She said lawmakers have yet to address historically wide fiscal deficits.
The comments came as investors weighed the effect of borrowing and rising debt-service costs on markets. Patterson said policymakers need to confront the fiscal imbalance before it creates broader economic and market risks.
Patterson discussed the outlook with Bloomberg Money hosts Scarlet Fu and Tom Keene.
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