Fed's Bernanke on fiscal challenges facing the US

In testimony 'Long-term fiscal challenges facing the United States' given on 18 January Ben Bernanke of the Federal Reserve said the economy could be gravely hurt if Social Security and Medicare aren't revamped, and he called on lawmakers to tackle the nation's thorny fiscal issues sooner rather than later.

"If early and meaningful action is not taken, the U.S. economy could be seriously weakened," Bernanke told the Senate Budget Committee. Future generations will bear much of the cost, he

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