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The Democrats Just Took a Big Step Toward Getting Their Groove Back
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Victories in New York City, New Jersey, Virginia and elsewhere were
decisive, but new political tests loom for a party still rebuilding its
brand.
1 hour ago
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Rather than meet expectations for more central bank easing, Bernanke instead again took Congress to task for leading the nation close to a dire fiscal situation that could cause another recession.
Bernanke has been preaching against the series of spending cuts and tax increases that will take place automatically in 2013, and he delivered yet another warning of what he has called the "fiscal cliff."
"The realization of all of the automatic tax increases and spending cuts that make up the fiscal cliff, absent offsetting changes, would pose a substantial threat to the recovery — indeed, by the reckoning of the Congressional Budget Office and that of many outside observers, a fiscal shock of that size would send the economy toppling back into recession," Bernanke said, according to prepared remarks.
While an address two days before a major holiday otherwise might not get much notice, chatter had increased that Bernanke would indicate additional stimulative measures from the central bank.
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