Fed's Bernanke to Testify Before House on Idea of Second Stimulus Bill
Mon Oct 20, 2008 09:43am
CEP News) - Federal Reserve Chairman Ben Bernanke will be testifying on the impact of an economic stimulus package before the House of Representatives' Budget Committee on Monday morning. The Democratic House is currently considering delivering a second stimulus package, reportedly estimated at around $150 billion, but potentially much larger.
In the chairman's latest update of the economy, Bernanke said inflation pressures had eased but that there would be a "marked slowdown" in spending, investments and employment. He said the Fed would use all tools necessary to combat the slowing economy, but it will still take time to unfreeze credit markets.