Federal Reserve Chairman Ben Bernanke urged senators to resolve differences over payroll tax cuts that expire this month saying uncertainty could slow the economy down. He testified before the Senate Budget Committee on the U.S. economic outlook for this year. Chairman Bernanke told the committee that the labor market still has a “long way to go” and unemployment levels remain “troubling.” Unemployment dropped in January for the fifth straight month to 8.3%, the lowest in three years.
During the chairman's opening remarks he talked about America’s recovery and its susceptibility to shocks in to the system. Democrats Sen. Ron Wyden (Oregon) and Sen. Mark Begich (Alaska) both brought up Congress’ inability to get anything done and asked if that could also be considered a “shock to the system.”