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Bernanke: Fiscal Cliff Poses ‘Substantial Threat’ to Economy
November 20, 2012
Federal Reserve Chairman Ben Bernanke said on Tuesday that 2013 could be a “very good year” for the U.S. economy if politicians can strike a quick deal to avoid the so-called fiscal cliff.
The powerful central bank chief called for a credible long-term framework to put the federal budget on a sound path, but warned against action that would needlessly add to the headwinds facing the economy.
He repeated a warning that running over the $600 billion “cliff” of expiring tax cuts and government spending reductions could derail the U.S. recovery, and said worries over how budget negotiations will be resolved were already damaging growth.
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