Howard Marks, co-founder of Oaktree Capital Management, warns the US government has a "complete lack of fiscal discipline." In a recent memo, Marks argues that Treasury Secretary Scott Bessent's bond buyback program will only temporarily lower borrowing costs. He asserts that addressing the mounting deficit is the only way to sustainably push down long-term interest rates. The warning comes as markets monitor government spending and debt levels.

Marks' comments highlight the growing concern among investors regarding the nation's financial trajectory and the limitations of current policy measures.