Contact Us
Make My Homepage

Ben Bernanke Says Fiscal Cliff Already Hurting Economy

Federal Reserve Chairman Ben Bernanke says the U.S. economy is already being hurt by the “fiscal cliff” standoff in Washington but the Fed believes the crisis will be resolved without significant long-term damage.

President Barack Obama speaks at The Rodon Group manufacturing facility n Hatfield, Pennsylvania.
Jessica Kourkounis, Getty Images

Bernanke said the steep tax increases and spending cuts can be avoided with a successful budget deal. The Fed’s latest forecasts for stronger economic growth next year and slightly lower unemployment assume that happens.

Still, Bernanke said the uncertainty surrounding the resolution is already affecting consumer and business confidence. And it has led businesses to cut back on investment.

“Clearly the fiscal cliff is having effects on the economy,” Bernanke said.

Bernanke said the most helpful thing that Congress and the Obama administration can do is resolve the issue quickly.

 

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

Best of the Web


Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Sign up for an account to comment, share your thoughts, and earn points to get great prizes.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!