Hedge fund billionaire Ken Griffin cautioned Tuesday against the growing U.S. fiscal deficit, calling spending by the Biden administration “reckless,” the New York Post reports.

“We are still engaged in a reckless level of federal spending,” Griffin, CEO of Citadel Securities, said at the Managed Futures Association Network conference in Miami. “This is creating a very different backdrop for the economy than any point in prior history.”

Although the federal deficit is $34 trillion and growing, the federal government is not cutting back on its spending. This could lead to a loss of confidence in the creditworthiness of the United States in seven to 10 years, Griffin warned.

This is the nation’s “biggest systemic risk,” Griffin said.

Griffin also knocked President Biden’s anti-business policies.

“This administration seems to be very focused on regulations that reduce the access to public market capital, or make it more expensive to run a business,” said Griffin, founder of one of the biggest hedge funds in the country and with an estimated net worth of $35 billion.

In a wide-ranging interview, Griffin said the Federal Reserve could potentially begin to start cutting interest rates this summer, in agreement with the May consensus of most traders.