Bernanke Warns of Fiscal Cliff, Reminds of Debt Limit
NEW YORK ( TheStreet) -- Federal Reserve Chairman Ben Bernanke warned Tuesday that the stakes are high in finding solutions to the so-called fiscal cliff.
Bernanke, who spoke this afternoon at the Economic Club of New York, said he believes the "realization" of all of the automatic tax increases and spending cuts that would go into effect at the beginning of 2013 would pose a substantial threat to the slow recovery of the U.S. economy.
The Fed chairman also reminded the crowd that the United States needs to increase the federal debt limit again early in 2013. The debt ceiling became a big issue for investors in the summer of 2011 when political posturing before a deal was struck led Standard & Poor's to lower the U.S. credit rating to AA+ from AAA after prolonged disagreement in Congress.
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