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Bernanke presses lawmakers to resolve fiscal cliff

Fed chairman says inaction is already affecting the economy

WASHINGTON (MarketWatch) — Federal Reserve Chairman Ben Bernanke was in New York City Tuesday to send a message back to Washington: Cut a deal to avoid the fiscal cliff, and don’t play politics with the federal debt limit again.

Confusion over the course of U.S. tax and spending policy is weighing on the spending decisions of households and businesses, as well as on financial markets, Bernanke said in remarks to the New York Economic Club.

Uncertainty about how the fiscal cliff, the raising of the debt limit and the longer-term budget situation will be addressed appears already to be affecting private spending and investment decisions, and may be contributing to an increased sense of caution in financial markets,” he said.

Economists say the most visible sign of uncertainty over the fiscal cliff is in the lack of capital-spending growth since the summer.

Orders for nondefense capital goods excluding aircraft, a key metric of demand, was flat in September after a 0.2% gain in the prior month. This came on the heels of close to an 8% slide in June and July.

Such uncertainties will only be increased by discord and delay,” according to Bernanke.

Please click here to read this article in full, courtesy of MarketWatch

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Reader Comments (1)

This guy has some nerve, since he is printing money out of thin air. What a jerk, he should be fired. The other thing is who gave him a private corpation the right to print money for the United States? He represents the bankers of the world and not the American people. He is a crook just like the big banks are. So now he's telling congress what to do. Well screw you and the horse you came on. That's my view on him and Fed.

November 21, 2012 | Unregistered Commenterailnyckyj

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