Fed urges Congress to make budget deal
Posted on July 18, 2012 at 19:49 PM EDT
Fed urges Congress to make budget deal Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Published 04:52 p.m., Wednesday, July 18, 2012 Federal Reserve Chairman Ben Bernanke returned to Capitol Hill on Wednesday, one day after sketching a bleak picture of the U.S. economy and warning it will darken further if Congress doesn't reach agreement soon to avert a budget crisis. Without a congressional agreement, tax increases and deep spending cuts would take effect at year's end. Bernanke noted Tuesday what the Congressional Budget Office has warned: A recession would occur, and 1.25 million fewer jobs would be created in 2013. The Fed is prepared to take further action to try to help the economy if unemployment stays high, he said. [...] the Fed chairman made clear his most urgent concern is what would happen to the economy if Congress can't resolve its budget impasse before the year ends. A separate report Tuesday pointed to the budget crises many states are suffering, caused in part by shrinking revenue from the federal government. Lawmakers must also produce a long-term plan to shrink federal budget deficits.
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