Bernanke urges Congress to put budget on sustainable path

WASHINGTON (MarketWatch) — Fed chief Ben Bernanke urged Congress to put the federal budget on a long-term sustainable path. “If early and meaningful action is not taken [to lower the budget deficit], the U.S. economy could be seriously weakened, with future generations bearing much of the cost,” Bernanke said in testimony prepared for delivery to the Senate Budget Committee. Bernanke said that recent narrowing of the deficit was simply “the calm before the storm” as spending on entitlement programs will begin to climb quickly during the next decade.

At this point if you still don’t hear the bells ringing, your portfolio is most probably not going to do that well in the near future.

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