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Ben Bernanke Addresses Economic Club of New York

New York, NY
Tuesday, November 20, 2012

Federal Reserve Chairman Ben Bernanke Tuesday urged Washington to negotiate a deal to avoid the tax increases and budget cuts that will begin to take effect next year. Bernanke said a failure to avoid the “fiscal cliff” may lead the economy into a recession.

He said the central bank will do their best to add monetary support to aid in recovery, but does not have the tools to offset the full force of the fiscal cliff.

Chairman Bernanke also called for an increase in the federal the debt limit, saying a default could result in an economic crisis.

Following his remarks, Bernanke took questions from the Economic Club of New York audience.
 

Updated: Tuesday, November 20, 2012 at 8:29pm (ET)

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