ed Chairman Ben Bernanke on Tuesday gave a bleak assessment of the economy to the Senate Banking Committee, saying that economic growth had "decelerated" in the first half of 2012 and that "further weakness" lay ahead. Bernanke said that the central bank was prepared to take additional action to bolster the economy, but that it had not settled on a specific course of action. Bernanke pleaded with lawmakers to act as soon as possible to prevent the economy from going over a "fiscal cliff" at the end of the year, when a slate of tax cuts are set to expire and deep spending cuts are scheduled to take effect. No deal is expected to be reached on the fiscal cliff until after the November election.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- 31 TV shows to watch in 2014
- Why I'm a pro-life liberal
- He said he was leaving. She ignored him.
- If a nuclear bomb exploded in downtown Washington, what should you do?
- Why we can't stop procrastinating, according to science
- What would a U.S.-Russia war look like?
- How Ukraine can fend off the Russians, in 7 simple steps
- There's a number of reasons the grammar of this headline could infuriate you
- Israel and Russia are getting along. Have the neocons noticed?
- These stunning travel photos remind us that we're all just amateurs with iPhones
Subscribe to the Week