Federal Reserve Chair Bernake: Big Deficits Could Hurt the Economy

Floor Speech

Mr. WILSON of South Carolina. Mr. Speaker, Federal Reserve Chairman Ben Bernanke of Dillon, South Carolina, is the latest leading economist to admit that out-of-control deficits could hurt our national economy. Last week, Mr. Bernanke warned, ``Sustained high rates of government borrowing would both drain funds away from private investment and increase our debt to foreigners.'' This borrowing would lead to higher lending costs for small businesses and consumers. This threatens small businesses across America trying to create jobs.

At the same time, House Republicans are proposing billions in spending cuts. House Budget Chairman Paul Ryan called this is a ``down-payment'' in attacking Washington's spending spree. This is just the beginning. As Speaker John Boehner has stated, ``There's no limit to the amount of spending we're willing to cut.'' Republicans made a pledge to America, and we're now making good on it.

In conclusion, God bless our troops, and we will never forget September the 11th in the global war on terrorism.

Source