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FEBRUARY 24, 2012, 2:01 PM

A top Federal Reserve official warned Friday that the current low borrowing rates enjoyed by the U.S. government will not last forever, and said elected leaders need to start getting deficits under control to prepare for that environment.

“We are in an unusual period” where events, most notably the current course of Federal Reserve policy, have created a time of very low government borrowing costs, Federal Reserve Bank of New York President William Dudley said.

Read more: http://blogs.wsj.com/economics/2012/02/24/feds-dudley-us-government-low-borrowing-rates-will-eventually-rise/