Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 9, 2008 4:52:30 AM CDT

Learn about Newser Points »

Back to the grid

Bernanke Backs Stimulus Plans for Economy

Posted Jan 16, 08 7:51 PM CST in Business    Editor's Choice

(Newser) – Ben Bernanke insists he won’t take sides in a congressional fray over how to revive the nation’s flat-lining economy. But the Fed chief says he will support an economic stimulus package—be it GOP tax cuts or Democrats' increased spending—as long as it is quick and temporary, the New York Times reports. Lawmakers are scrambling to devise ways to ward off a recession, and Bernanke testifies before a House panel tomorrow.

“He said that while he wasn’t going to endorse a specific plan, if an economic stimulus package was properly designed and enacted so that it enters the economy quickly, it could have a very positive effect,” said Sen. Charles Schumer. Democrats are pushing measures such as consumer tax rebates or increased jobless benefits, while Republicans back tax breaks for businesses. The Fed, meanwhile, is expected to cut interest rates again this month.

Source New York Times

Editor Recommended

Related News

  • Bernanke Vows to Combat Mortgage Mess

    Aug 31, 07 1:07 PM CDT
    Bernanke Vows to Combat Mortgage Mess In his first comments on the subprime mortgage meltdown, Ben Bernanke today vowed the Federal Reserve “will act as needed” to contain the turmoil, preventing it from weakening the broader economy. The Fed chief pledged the central bank would “take additional actions” if necessary. “It is clear now the Fed is on the ball,” an economist said. More »

Federal Reserve Board Chairman Ben Bernanke meets with House Speaker Nancy Pelosi, D-Calif., on Capitol Hill in Washington Monday, Jan. 14, 2008, to discuss ways Congress might act to boost the slowing...   (Associated Press)
Federal Reserve Chairman Ben Bernanke will support legislative measures to stimulate the economy as long as they are quick and temporary, the NY Times reports. (AP Photo/Nell Redmond)   (Associated Press)
Investors on Wall Street are betting that the central bank will reduce overnight lending rates by half a percentage point, to 3.75 percent from 4.25 percent, and that other cuts will follow, the NY Times...   (Associated Press)
Federal Reserve Board Chairman Ben Bernanke, scheduled to appear Thursday before the House Budget Committee, says he'll support economic stimulus measures that are quick and temporary. (AP Photo/Dennis...   (Associated Press)
Former Treasury Secretary Lawrence Summers has called for any economic stimulus plan to be "timely, targeted and temporary," the NY Times reports. (AP Photo/Manuel Balce Ceneta)   (Associated Press)
prev    next
play

Threads (1 of 5)

Tags

US economy  • Federal Reserve  • Ben Bernanke  • tax cuts  • stimulus package  • US Congress  • federal fund rates  • House Budget Committee



Related Threads: Subprime Collapse, Ben Bernanke, Is It Recession?, Stimulus Package

Next story from this section »

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »