Federal Reserve Chairman Jerome Powell said Tuesday that the idea that government deficits don’t matter, an idea endorsed most prominently by outspoken Rep. Alexandria Ocasio-Cortez, D-N.Y., is “just wrong.”

“The idea that deficits don’t matter for countries that can borrow in their own currency I think is just wrong,” Powell said in testimony before the Senate Banking Committee. “U.S. debt is fairly high as a level of [economic output] and more important than that, it’s growing faster than [economic output],” said Powell. “We’re going to have to either spend less or raise more revenue.”