6/4/2009

A large budget deficit will result in a sustained economic crisis, Federal Reserve Chairman Ben Bernanke said in congressional testimony. While acknowledging that Congress and the Obama administration were using the deficit to address short-term problems, Bernanke warned that "unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth." The deficit is expected to double to more than 82% of the U.S. economy by the end of the next decade.

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