Bernanke warns budget could hurt economy |
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Published
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Thu, 18 Jan 2007 16:19
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WASHINGTON (AFX) - Federal Reserve Chairman Ben Bernanke told Congress Thursday that the economy could be gravely hurt if the nation's fiscal house is not put in order and Social Security and Medicare aren't revamped.'If early and meaningful action is not taken, the U.S. economy could be seriously weakened,' Bernanke said in prepared testimony to the Senate Budget Committee.It marked the Fed chief's most extensive comments to date on the challenges facing the United States with the looming retirement of 78 million baby boomers, the oldest of whom will start retiring next year.This huge wave of retirees will hit the U.S. budget as well as the economy, he said.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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NASDAQ
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CARNIVAL
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IBM
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Stocks mixed; market awaits Bernanke 