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October 20, 2008

Bernanke says new stimulus package is needed

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AFTERNOON CHATTER

Federal Reserve Chairman Ben Bernanke told Congress on Monday that they should consider passing a new stimulus package to help jump start the economy.

Bernake didn't exactly endorse a particular stimulus package, but he did say that Congress needed to do something.

"With the economy likely to be weak for several quarters, and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate," he said.

House Speaker Nancy Pelosi gave props to Bernake with this statement:

"Chairman Bernanke added his voice to the chorus of economists, experts and policymakers who insist that America needs a job-creating recovery package to get our economy back on track and to restore consumer and investor confidence."

Lawmakers also questioned Bernanke about how much help was needed on the state level and discussed federal aide for various states.



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