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

Video One Year After Thai Coup, No End in Sight for Military Rule

Since carrying out the May 22, 2014 coup, the general has retired from the military but is still firmly in charge More

Goodbye, New York

This is what the fastest-growing big cities in America have in common More

Job-Seeking Bangladeshis Risk Lives to Find Work

The number of Bangladeshi migrants on smugglers’ boats bound for Southeast Asian countries has soared in the past two years 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.
Turkey's Main Opposition Party Hopes for Election Breakthroughi
X
May 22, 2015 10:23 AM
Turkey’s main opposition Republican People’s Party has sought an image change ahead of the June 7 general election. The move comes after suffering successive defeats at the hands of the Islamist-rooted AK Party, which has portrayed it as hostile to religion. Dorian Jones reports from the western city of Izmir.
Video

Video Turkey's Main Opposition Party Hopes for Election Breakthrough

Turkey’s main opposition Republican People’s Party has sought an image change ahead of the June 7 general election. The move comes after suffering successive defeats at the hands of the Islamist-rooted AK Party, which has portrayed it as hostile to religion. Dorian Jones reports from the western city of Izmir.
Video

Video Europe Follows US Lead in Tackling ‘Conflict Minerals’

Metals mined from conflict zones in places like the Democratic Republic of Congo are often sold by warlords to buy weapons. This week European lawmakers voted to force manufacturers to prove that their supply chains are not inadvertently fueling conflicts and human rights abuses. Henry Ridgwell reports from London.
Video

Video Class Tackles Questions of Race, Discrimination

Unrest in some U.S. cities is more than just a trending news item at Ladue Middle School in St. Louis, Missouri. As VOA’s Kane Farabaugh reports, it’s a focus of a multicultural studies class engaging students in wide-ranging discussions about racial tensions and police aggression.
Video

Video Mind-Controlled Prosthetics Are Getting Closer

Scientists and engineers are making substantial advances towards the ultimate goal in prosthetics – creation of limbs that can be controlled by the wearer’s mind. Thanks to sophisticated sensors capable of picking up the brain’s signals, an amputee in Iceland is literally bringing us one step closer to that goal. VOA’s George Putic reports.
Video

Video Afghan Economy Sinks As Foreign Troops Depart

As international troops prepare to leave Afghanistan, and many foreign aid groups follow, Afghans are grappling with how the exodus will affect the country's fragile economy. Ayesha Tanzeem reports from the Afghan capital, Kabul.
Video

Video Poverty, Ignorance Force Underage Girls Into Marriage

The recent marriage of a 17-year old Chechen girl to a local police chief who was 30 years older and already had a wife caused an outcry in Russia and beyond. The bride was reportedly forced to marry and her parents were intimidated into giving their consent. The union spotlighted yet again the plight of many underage girls in developing countries. Zlatica Hoke reports poverty, ignorance and fear are behind the practice, especially in Asia and Africa.
Video

Video South Korea Marks Gwangju Uprising Anniversary

South Korea this week marked the 35th anniversary of a protest that turned deadly. The Gwangju Uprising is credited with starting the country’s democratic revolution after it was violently quelled by South Korea’s former military rulers. But as Jason Strother reports, some observers worry that democracy has recently been eroded.
Video

Video California’s Water System Not Created To Handle Current Drought

The drought in California is moving into its fourth year. While the state's governor is mandating a reduction in urban water use, most of the water used in California is for agriculture. But both city dwellers and farmers are feeling the impact of the drought. Some experts say the state’s water system was not created to handle long periods of drought. Elizabeth Lee reports from Ventura County, an agricultural region just northwest of Los Angeles.
Video

Video How to Clone a Mammoth: The Science of De-Extinction

An international team of scientists has sequenced the complete genome of the woolly mammoth. Led by the Swedish Museum of Natural History in Stockholm, the work opens the door to recreate the huge herbivore, which last roamed the Earth 4,000 years ago. VOA’s Rosanne Skirble considers the science of de-extinction and its place on the planet
Video

Video Blind Boy Defines His Life with Music

Cole Moran was born blind. He also has cognitive delays and other birth defects. He has to learn everything by ear. Nevertheless, the 12-year-old has had an insatiable love for music since he was born. VOA’s June Soh introduces us to the young phenomenal harmonica player.

VOA Blogs

World Currencies

EUR
USD
0.8982
JPY
USD
121.07
GBP
USD
0.6376
CAD
USD
1.2215
INR
USD
63.612

Rates may not be current.