Fed Chairman Urges Congress to Help Stem Recession

Federal Reserve Chairman Ben Bernanke testified before the House Budget Committee today, and urged Congress to implement a fiscal stimulus package as quickly as possible to help boost consumer spending. The overall goal of such a move would be to ward off a potential recession, which some economists insist the U.S. economy is heading toward or already in. Chairman Bernanke maintains that while the economy is indeed in a slump, he does not believe it will fall into a recession. One potential stimulus package would include a series of tax cuts as well as increased funding for unemployment benefits. Projected ranges for such a program are $50 billion to $75 billion. Chairman Bernanke also encouraged Congress to ensure any stimulus package it enacts is on a temporary basis. It is also wid