Economy

Fed Chief Warns of Economic Headwinds From Budget Stalematei
X
February 26, 2013 11:51 PM
Some $85 billion in automatic spending cuts will kick in Friday unless Congress and the Obama administration can agree on an alternate plan to reduce the deficit. "Sequestration," as it's called, was initially agreed upon as a threat to force lawmakers to reach a compromise. But U.S. Federal Reserve Chairman Ben Bernanke warned Tuesday that without a deal soon, the massive spending cuts pose a significant threat to the U.S. recovery. Mil Arcega reports.

Fed Chief Warns of Economic Headwinds From Budget Stalemate

Published February 26, 2013

Some $85 billion in automatic spending cuts will kick in Friday unless Congress and the Obama administration can agree on an alternate plan to reduce the deficit. "Sequestration," as it's called, was initially agreed upon as a threat to force lawmakers to reach a compromise. But U.S. Federal Reserve Chairman Ben Bernanke warned Tuesday that without a deal soon, the massive spending cuts pose a significant threat to the U.S. recovery. Mil Arcega reports.


You May Like

Photogallery Americans Celebrate Thanksgiving With Feasts, Festivities

Holiday traditions include turkey dinners, 'turkey trots,' American-style football and New York parade with giant balloons More

Video For Obama, Ferguson Violence is a Personal Issue

With two years left in term, analysts say, president has less to lose by taking conversation on race further More

Video Italian Espresso Expands Into Space

When Italian astronaut Samantha Cristoforetti headed for the ISS, her countrymen worried how she would survive six months drinking only instant coffee More