Ayotte to Bernanke: What Keeps You Up at Night?
Click above to view video of Senator Ayotte questioning Chairman of the Federal Reserve Ben Bernanke during today’s Senate Budget Committee hearing.
AYOTTE: What is it—when you think about the fiscal state of this country and your responsibilities as the Chairman of the Reserve—that keeps you up at night?
BERNANKE: Well, I’ve tried to stay away from individual programs in taxes, but I feel it is within my remit to talk to Congress about the overall fiscal situation. And I think it’s very clear….that on current reasonable expectations about policy that the U.S. federal deficit will become unsustainable within 15 or 20 years at the most, and possibly that some of those effects will be even brought forward, by markets for example. So we clearly need some major changes in our fiscal planning and our fiscal paths going forward and these are concerns…. which are not just about our children 20 years from now, but they could have effects much sooner if markets begin to lose confidence in our nation’s ability to stabilize our debt burden.