Tornado Alley (PROG)

[tinner]

Even one of your PIMPS says you are wrong once again! LOL

A PLEA ON BUDGET CUTS

In unusually direct remarks on fiscal policy, Bernanke warned the near-term spending cuts known as the sequester, which are set to take hold later this week, would threaten an already challenged economic expansion.

"The Congress and the administration should consider replacing the sharp, frontloaded spending cuts required by the sequestration, with policies that reduce the federal deficit more gradually in the near term but more substantially in the longer run," Bernanke said.

The U.S. economy braked sharply in the fourth quarter, but is forecast to grow around 2 percent or more this year. The unemployment rate has remained elevated, and registered 7.9 percent in January.

Bernanke, who appears for a second day of testimony before a House of Representatives panel on Wednesday, said persistent joblessness was a scourge with potentially long-lasting effects.

"High unemployment has substantial costs, including not only the hardship faced by the unemployed and their families, but also the harm done to the vitality and productive potential of our economy as a whole," Bernanke said.

http://www.reuters.com/article/2013/02/26/us-usa-fed-idUSBRE91P03T20130226