Bernanke confident in recovery; warns on deficit - KAIT Jonesboro, AR - Region 8 News, weather, sports

Bernanke confident in recovery; warns on deficit

WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke expresses confidence to Congress that the unfolding economic recovery will have staying power, although it won't be strong enough to bring quick relief to high unemployment.

Bernanke, in prepared remarks to Congress' Joint Economic Committee, also once again called on lawmakers and the White House to come up with a plan to whittle down record-high budget deficits, saying the red ink raises risks to the country's long-term economic health.

He says a credible deficit reduction plan could provide the economy with benefits in the near term, including lower longer-term interest rates and increased consumer and business confidence.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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