facebook
twitter
rss
account
search
search
 

House panel, Bernanke discuss economy

Jan. 17, 2008 at 2:17 PM   |   Comments

WASHINGTON, Jan. 17 (UPI) -- Rep. John M. Spratt Jr., D-S.C., saying "ominous indicators" surround the U.S. economy, told the House Budget Committee a slow down has started.

"It's become increasingly clear that our economy is beginning to slow down, entering a slump, if not a recession," Spratt said as he welcomed Federal Reserve Chairman Ben Bernanke to the committee. "(There) are ominous indicators all around us."

Bernanke has said he favors a quick, temporary stimulus plan.

Spratt said the Fed has eased monetary supply and credit access, "(but) monetary policy has its limits."

Rep. Paul Ryan, R-Wis., in his opening statement, said Congress and the Bush administration were considering measures to stimulate the economy, but must consider "key principles."

"I'm concerned that in our rush to help, we talk ourselves into a quick, feel-good hit today that will leave us a bigger budgetary hangover tomorrow," he said.

Ryan warned against raising taxes and argued for making Bush's tax cuts permanent. Congressional leaders, however, indicated making the cuts permanent was off the table.

Finally, Ryan said he was concerned that the Democratic majority in Congress would "push through new entitlement spending proposals ... building up a spending baseline that worsens our economic future."

© 2008 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Most Popular
1
Shark attacks surfer at Santa Cruz beach Shark attacks surfer at Santa Cruz beach
2
Identical twin linked to 2004 rapes by new DNA test Identical twin linked to 2004 rapes by new DNA test
3
The FBI announces completion of facial recognition program The FBI announces completion of facial recognition program
4
Ohio school bus driver killed saving girl Ohio school bus driver killed saving girl
5
New York state may legalize recreational marijuana by next year New York state may legalize recreational marijuana by next year
Trending News
Video
x
Feedback