Although the “fiscal cliff” deal made “some progress” in resolving the nation’s debt problem, “we’re not out of the woods yet,” Federal Reserve Chairman Ben Bernanke said Monday.
“We are approaching a number of other fiscal critical watersheds,” Bernanke told the University of Michigan’s Gerald R. Ford School of Public Policy. “We have the funding of the government, we have the so called sequester…and we have the infamous debt ceiling which will come into play.”
Echoing comments made earlier in the day by President Barack Obama, Bernanke said raising the debt ceiling merely gives the government the ability to pay its existing bills.
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