United States Federal Reserve Chairman Ben Bernanke has warned that the US

United States Federal Reserve Chairman Ben Bernanke has warned that the US economic system could deal with the same destiny as troubled European countries if it fails to curb its expanding financial debt. Mr Bernanke delivered a sobering assessment of the economic climate that defies modern attempts by the Obama administration to speak up the economic turnaround.
Testifying just before a House Spending budget Committee, he mentioned the rate of recovery had been　 frustratingly sluggish　.
He urged lawmakers to be much more intense in lowering the nation's $fifteen trillion credit card debt or risk dealing with the exact same destiny as troubled European international locations this sort of as Greece and Italy.
The bad circumstance situation, which eventually will come about if we never change this trajectory, is that analogous to what we have noticed in some nations around the world in Europe, that investors will begin to drop self confidence that we can handle our lengthy-term fiscal circumstance and we'll see sharp actions in fascination premiums or reduction of confidence in US credit card debt,　 Mr Bernanke said.
At the identical time, he warned the US economic system was still delicate and could unwell afford cuts so aggressive that they jolted the shaky recovery.
What he wanted, he mentioned, was a credible, strong prepare.

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But perhaps the greatest surprise from the listening to came from Idaho member Mike Simpson who, even though in Australia very last month, uncovered how intently the world was observing the political impasses in Washington.
I was in New Zealand and Australia and the Philippines, and chatting with officers there and organizations there, I was shocked that they are truly observing Congress,　 Mr Simpson explained.
They are concerned about Congress's inability to get collectively to resolve this dilemma, due to the fact they know that the issue is really going to prolong to them if we cheap Saints Jerseys don't clear up our problem below.
And I was stunned they stick to us as intently as they do.　
The consensus from the Budget Committee was that they needed to get their fiscal residence in get fast.
But there even now was no consensus on how to achieve that.report=2012-02-06data


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