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Congress Needs a Debt Exit Plan

Last week, Federal Reserve Chairman Ben Bernanke gave his Semiannual Monetary Policy Report to Congress. In it, he explained how high Federal deficits will cause interest rates to spike beyond the Fed’s control:

In order to keep the ratio of outstanding government debt to GDP constant, we need to have deficits from 2.5%-3%. (The current projection of) 4-7% is not sustainable, and if that were actually to happen, we would see increasing interest costs and eventually the markets would just entirely lose confidence in our fiscal policy, and interest rates would spike. So it is very important that Congress, even though we are now still in a very deep recession or in a very weak economy, it is important for Congress to try to clarify how we are going to exit from our fiscal position and try to provide a credible blueprint for how our federal deficit will be controlled over the next ten to twenty years.

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Congress Needs a Debt Exit Plan originally appeared on About.com US Economy on Wednesday, March 3rd, 2010 at 14:00:40.

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