Jul 15, 2011

Bernanke on the effect of budget cuts on the US recovery

I only ask ... as Congress looks at the timing and composition of its changes to the budget, that it does take into account that in the very near term the recovery is still rather fragile, and that sharp and excessive cuts in the very short term would be potentially damaging to that recovery.

~Ben S. Bernanke, chairman, Federal Reserve, Congressional testimony to the Senate Banking Committee, July 14, 2011

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