News / Economy

Bernanke Urges Congressional Support of Economy

Federal Reserve Chairman Ben Bernanke speaks during a news conference on Sept. 13, 2012.
Federal Reserve Chairman Ben Bernanke speaks during a news conference on Sept. 13, 2012.
VOA News
The U.S. central bank chief is pressing Congress to control the government's chronic deficit-ridden spending.

Federal Reserve Chairman Ben Bernanke says U.S. lawmakers must soon "find ways to put the federal budget on a sustainable path, but not so abruptly as to endanger" the country's sluggish economic recovery. He said Congress and the White House will have to resolve the country's impending "fiscal cliff," a series of sharp spending cuts and tax increases set to take effect in January unless the lawmakers reach a compromise on a new economic path.

He said analysts agree that if Congress does not resolve the issue, "it would likely throw the economy back into a recession." Republican and Democratic lawmakers have long been at odds over the government's annual deficits, adding to a growing long-term debt that totals $16 trillion.

Bernanke spoke to the Economic Club of Indiana in Indianapolis. He said Congress could also help the economy by reforming the country's tax laws, improving its educational system, supporting technological innovation and boosting international trade.

In recent weeks Congress has delayed action on the economic dispute, at least until after the country's November 6 presidential and congressional elections. The state of the nation's economy is at the center of the presidential contest between the incumbent Democrat, President Barack Obama, and his Republican challenger, Mitt Romney.

You May Like

Is Air Travel Safe?

Aviation expert says despite tragic losses of Malaysian Airlines flights 370 and 17, industry experienced lowest fatality rate in recorded history last year More

Multimedia 100 Days Later, Nigerian Girls Still Held

Activists holding rallies in Nigeria and several other countries to mark 100th day of captivity for more than 200 schoolgirls being held by Boko Haram More

Chocolate Too Bitter? Swap Sugar for Mushrooms

US food technology company develops fermentation process using mushrooms to reduce bitterness in cocoa beans, believes it will cut sugar content in candy More

This forum has been closed.
Comment Sorting
Comments
     
by: Optimist from: Everywhere
October 01, 2012 4:40 PM
Congress is endangering people at the lower economic ladder and struggling Middle Class. Although the spending cut is designed to hit everyone at the same time, but the people who have been benefiting from two unnecessary tax cuts by the previous administration have enough layered cushion to be able to come out unscathed, as opposed to the people at the bottom who have carried the brunt of the mess that has befallen over the country. Let's not forget the fact that the American worker has nothing to do with the bad decisions by successive Congress made to bring the economy where its at.

Majority of the American People who have neither eaten nor benefited from the unfair and disproportionately unequal tax cut will bear the cost of unfairness extended from Congress for the second time. First time around, they were denied of equal tax benefit, and now they are about to experience the pain as the two edge sword is pulled out of gut, and that is very unfair. It would be nice if Congress suspends pay to each and every representative in the 113 Congress session, to show its solidarity with the American people on whose back the wrong decisions were made to bring the economy to the level where its at.

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Carriers Suspend Travel to Israeli
X
Carolyn Presutti
July 23, 2014 1:21 AM
The United States is prohibiting American carriers from flying to Israel's airport in Tel Aviv for 24 hours, because of rising violence between Israel and Hamas militants. The action was announced on Tuesday, after a rocket fired by Hamas militants in the Gaza Strip landed near the airport. As VOA's Carolyn Presutti tells us, international officials soon may have to determine which combat zones are too dangerous for commercial flights.
Video

Video US Carriers Suspend Travel to Israel

The United States is prohibiting American carriers from flying to Israel's airport in Tel Aviv for 24 hours, because of rising violence between Israel and Hamas militants. The action was announced on Tuesday, after a rocket fired by Hamas militants in the Gaza Strip landed near the airport. As VOA's Carolyn Presutti tells us, international officials soon may have to determine which combat zones are too dangerous for commercial flights.
Video

Video NASA Focuses on Earth-Like Planets

For decades, looking for life elsewhere in the universe meant listening for signals that could be from distant civilizations. But recent breakthroughs in space technology refocused some of that effort toward finding planets that may harbor life, even in its primitive form. VOA’s George Putic reports on a recent panel discussion at NASA’s headquarters, in Washington.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video Relic of Saint Draws Catholics Worried About Immigration Issue

A Roman Catholic saint who is a figure of devotion for those crossing the border into the United States is attracting believers concerned about the plight of undocumented immigrants. Mike O'Sullivan reports from Los Angeles, where a relic of Saint Toribio has drawn thousands to local churches.
Video

Video US Awards Medal of Honor for Heroics in Bloodiest of Afghan Battles

U.S. combat troops are withdrawing from Afghanistan, on pace to leave the country by the end of this year. But on Monday, U.S. President Barack Obama took time to honor a soldier whose actions while under fire in Afghanistan earned him the Medal of Honor. VOA's Jeff Seldin has more from the Pentagon.
Video

Video Ukraine Rebels Surrender MH17 Black Boxes

After days of negotiations, a senior separatist leader handed over two black boxes from an airliner downed over eastern Ukraine to Malaysian experts early Tuesday. While on Monday, the U.N. Security Council unanimously demanded that armed groups controlling the crash site allow safe and unrestricted access to the wreckage.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.
Video

Video Nature of Space Exploration Enters New Age

Forty-five years ago this month, the first humans walked on the moon. It was during an era of the space race between the United States and the Soviet Union. World politics have changed since then and -- as Elizabeth Lee reports -- so has the nature of space exploration.

AppleAndroid

World Currencies

EUR
USD
0.7305
JPY
USD
101.53
GBP
USD
0.5830
CAD
USD
1.0656
INR
USD
60.075

Rates may not be current.