Jamie Dimon says the 'Buffett Rule' approach to taxing the wealthy could solve America's debt problem

• On PBS, Jamie Dimon cited the "Buffett Rule" as a good idea for clamping down on US debt.
• It says million-dollar households shouldn't pay taxes a lower share of income than middle-class ones.
• If the US followed this, it could continue spending, while still reducing the debt, he said.

JPMorgan CEO Jamie Dimon has put forth a solution to unrestrained US debt: Tax the rich at the same rate as middle-class people, or higher.

The bank executive told " PBS News Hour " that the country could clamp down on runaway borrowing without eliminating spending. In fact, Dimon expects that reducing the debt while still investing in the right initiatives is "doable," he said.

"I would spend the money that helps make it a better country, so some of this is infrastructure, earned-income tax credits, military," he said. "I would have a competitive national tax system, and then I would maximize growth."

Dimon added: "And then you'll have a little bit of a deficit, and you would maybe just raise taxes a little bit — like the Warren Buffett type of rule, I would do that."

This rule posits that no household making above $1 million a year should pay taxes on a lower share of their income than middle-class earners. The principle earned its name from the billionaire investor Warren Buffett, who famously criticized that his secretary paid a higher tax rate than he did.

Calls for wealthier Americans to pay higher taxes have grown louder in the past year as economists search for answers to the federal government's skyrocketing debt .

Anxiety has grown as the government's debt pile has ballooned to a record $35 trillion . The Congressional Budget Office projects that it will likely make up 6% of US GDP by this year's end , which would far outpace the 50-year average of 3.7%.

If debt remains unchecked amid today's interest-rate highs, the government will face higher borrowing costs. Some say that this might compound debt levels and that the US could eventually spiral into a default .

Otherwise, higher borrowing costs mean that Washington will have less to spend on social initiatives. According to a recent report from the Peter G. Peterson Foundation , the Congressional Budget Office estimated that by 2054, interest payments on the debt would triple Washington's historical spending on research and development, infrastructure, and education.

Dimon has been among Wall Street's most consistent voices to raise the alarm, frequently saying that runaway borrowing will amplify inflation and interest-rate pressures through the coming decade.

Not everyone shares Dimon's optimism that tax hikes alone can solve this problem. Though commentators have pushed for tax-hike proposals that embrace all income levels, others urge both Democrats and Republicans to consider spending cuts as well.

However, speaking with PBS, Dimon said that the US should continue to spend money that helps maintain its economic strength and creates a more equitable income environment.