U.S. Fed chief scolds Congress over debt-limit debate

01/15/2013 | Sydney Morning Herald (Australia), The

Drawing a distinction between increasing the U.S. debt cap and launching new spending, Federal Reserve Chairman Ben Bernanke declared it is "very, very important that Congress takes the necessary action to raise the debt ceiling to avoid a situation where our government doesn't pay its bills." In remarks at the University of Michigan, Bernanke compared congressional posturing over the debt limit to a family weighing whether to stop paying bills as a way to improve its credit rating.

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Sydney Morning Herald (Australia), The

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