Bernanke says it is urgently important for Congress to avoid fiscal cliff

  • Article by: MARTIN CRUTSINGER and CHRISTOPHER S. RUGABER , Associated Press
  • Updated: November 20, 2012 - 10:55 PM

WASHINGTON - Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress and the Obama administration to strike a budget deal to avert tax increases and spending cuts that could trigger a recession next year.

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notforwardNov. 20, 1211:31 AM

Yes Ben, but Congress warned you and Obama to stop spending like drunken sailors and stop printing money like a madman. Had you done those things, our deficit wouldn't be six trillion more than when your boss took office.

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theagonybhoNov. 20, 1211:33 AM

Heads up to Bernanke there will the continuation of the recession into 2013 no matter what happens, it goes alot deeper than just this. So the country goes in the tank because we start paying our bills? or do we continue kicking the can down the road and staying this course were on running up debt.

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SirRuslynNov. 20, 1212:08 PM

What I don't get, the danger of the fiscal cliff is tax increases and spending cuts. But, at the same time, we're told all deals to avoid it has to be a combination of tax increases and spending cuts. So, either we're going over the cliff regardless or there is nothing to fear.

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mstthreekNov. 20, 1212:14 PM

Keep running away, lunge at the quick fix and do not face the elephant in the room (for the last 30 years). Is there anybody out there with the brains and guts to make the tough decisions? Or is it "give me mine now and let the future deal with the problems"? Unfortunately I know the answer. Good luck next generation. We sure don't give a rat's you know what about you.

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smithawNov. 20, 1212:30 PM

Earth to Ben - this issue was not caused by tax payers not paying enough revenue, nor will it be solved by increasing the tax rate on the rich. There is isn't enough revenue available from the rich or even wealth to solve this problem. There are only two solutions; reduce spending, yes, even entitlement spending and growing jobs (Yes - only two solutions math wizards. No amount of tax increases will solve this issue) Unfortunately for us, this administration and the terminally ignorant inmates who re-elected him, now run the asylum and neither of the above will be considered. His policies do the opposite of growing jobs and he's convinced the t.i. the rich don't pay higher rate (which they do) and don't pay their "fair share" and they have the right to conviscate more (top 1% pay 40% of federal taxes, top 10% pay for 80% and the top 20% pay over 90%). France, Greece, et al, here we come.........

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ranger78Nov. 20, 1212:36 PM

This coming from the guy who has the gov't printing presses running day and night.

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justincase12Nov. 20, 1212:36 PM

Every time Ben opens his mouth our 401K takes the big plunge. Keep your opinions to yourself Ben.

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privateeyeNov. 20, 1212:40 PM

Let it happen, we need to fill up our coffers.

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EleanoreNov. 20, 1212:55 PM

Based on his other comments, I'd suggest this one then indicates going over the cliff is the right thing to do.

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mycubsucksNov. 20, 1212:55 PM

Ben is telling us that we must raise the federal debt limit and reduce the federal debt. We have been kicking the can down the road for years now. Time to take our medicine and let the chips fall where they may.

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