Jerome Powell rang the alarm on debt, saying it shouldn't be dumped on future generations

• The US government is spending at an unsustainable rate, Jerome Powell said.
• The Federal Reserve chair said he was worried future generations would be stuck with the bill.
• Powell urgently called for more careful and responsible budgeting.

America is racking up dangerous amounts of debt because of its excessive spending, and future generations are likely to suffer the consequences, Jerome Powell said.

"The US federal government's on an unsustainable fiscal path," the Federal Reserve chair said in a "60 Minutes" interview broadcast on Sunday. "The debt is growing faster than the economy."