June 03, 2009

Bernanke Tells Lawmakers to Cut Budget Deficit

This is hysterical. The government is notoriously slow moving and executing. I assume when Bernanke says we need to cut the deficits he means over years because there is no way to turn this economic ship on a dime.

Federal Reserve Chairman Ben Bernanke urged lawmakers to commit to reducing the nearly $2 trillion budget deficit, warning that the government can't borrow "indefinitely" to meet the growing demand on its resources. Bernanke also reiterated that the pace of economic contraction appears to be slowing, setting the stage for a return to growth later this year.


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