Excerpt
JEFFREY BROWN (Newshour): The troubles with the U.S. economy and the possible fallout were on full display today. A task force report told of states facing ever-deeper budget holes.
But the chairman of the Federal Reserve withheld any promise of immediate help. Ben Bernanke came before the Senate Banking Committee acknowledging that the economy has suffered a series of setbacks: a slump in hiring and job growth, a slowdown in manufacturing activity and reduced spending by consumers.
But while citing the trends, the Fed chair wouldn't commit on if or when the Central Bank might act again to boost growth.
BEN BERNANKE, Federal Reserve chairman: We're looking very carefully at the economy, trying to judge whether or not the loss of momentum we have seen recently is enduring and whether or not the economy is likely to continue to make progress towards lower unemployment and more satisfactory labor market conditions. If those conditions -- if that doesn't occur, obviously, we have to consider additional steps.
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