The US economy won't feel the impact of the Fed's tightening until 2023, Peter Orszag told CNBC.
If inflation is coming down anyway, it will be walloped by unneeded monetary policy, the Lazard CEO said.
The lame-duck Congress needs to move on the debt limit soon — otherwise, it's "playing with matches."
"The point is, if inflation is coming down anyway, then you're going to get walloped with the lagged effect of the monetary policy tightening, when you don't really need it," he said.
"I would highlight the imperative on the debt limit in particular.