On Monday’s broadcast of CNBC’s “Squawk Box,” Treasury Secretary Janet Yellen acknowledged that we do need to have a fiscally responsible path, especially since “the higher interest rate environment does pose additional challenges” but we don’t need offsets for Israel and Ukraine spending since they are emergency spending.
After Yellen pushed for the aid package proposed by the Biden administration for Israel and Ukraine, co-host Andrew Ross Sorkin asked, “[W]e are having our debt and deficit go up and up and up and up and up. We had Stan Druckenmiller on our program recently. He said, we are spending like drunken sailors. Don’t forget, pre-COVID, the federal government was 20% of GDP. Now, it’s 25% of GDP. My father told me, if you’re in a hole, stop digging, Stan. And so, the question is, if we’re going to be spending this money, are there offsets?…
