bobbyw24
03-01-2011, 11:29 AM
Federal Reserve Chairman Ben Bernanke says a plan from House Republicans to cut $61 billion in spending this year would not harm economic growth.
The GOP's proposed spending cuts, passed as part of a continuing resolution, would probably reduce "growth on the margins" and lower gross domestic product by only one- or two-tenths of a percent, Bernanke told the Senate Banking and Urban Affairs Committee.
The Fed chairman's estimate contrasts with recent reports from Goldman Sachs and Moody's Analytics that predicted economic harm from a $61 billion spending reduction.
http://thehill.com/blogs/on-the-money/801-economy/146705-bernanke-says-house-republican-plan-would-have-small-effect-on-growth
The GOP's proposed spending cuts, passed as part of a continuing resolution, would probably reduce "growth on the margins" and lower gross domestic product by only one- or two-tenths of a percent, Bernanke told the Senate Banking and Urban Affairs Committee.
The Fed chairman's estimate contrasts with recent reports from Goldman Sachs and Moody's Analytics that predicted economic harm from a $61 billion spending reduction.
http://thehill.com/blogs/on-the-money/801-economy/146705-bernanke-says-house-republican-plan-would-have-small-effect-on-growth