4/28/11, "Ben Bernanke goes on record to warn US deficit 'not sustainable'," Guardian UK, D. Rushe
"Federal Reserve chairman Ben Bernanke used his historic first conference to warn that the US deficit is "not sustainable" and tell political leaders they must address it "as quickly and effectively as they can".
Speaking at what was the first ever press conference on interest rate policy to be given by a Fed chairman, Bernanke confirmed that the US will keep interest rates low and continue its huge programme of buying back government bonds in order to keep the fragile economic recovery on track....
But Bernanke seemed more concerned about the size of the US deficit. Last week credit rating agency Standard & Poor's threatened to cut the US's top-tier credit rating. Asked about S&P's move, Bernanke said: I'm hopeful this event will provide one more incentive for Congress and the political leaders to take action ... it's the most important economic problem in the long term that the US faces," said Bernanke. If the S&P's warning "goads" action by political leaders, he said, "that's constructive"."...
Taxing every millionaire 100% of his income will not come close to curing the deficit. Drastic reduction in spending including all related ObamaCare billions now being spent is the only solution. Elected Republicans are mostly dying to raise the debt ceiling. Pleasing Obama is their first priority.