Fed Can't Fix Fiscal Cliff Damage
If the fiscal cliff's $600 billion in expiring tax cuts and trillions of dollars in government spending reductions becomes a reality- the Fed won't be able to do much to help according to Fed Chairman Ben Bernanke who spoke at the Economic Club of New York. "In the worst case scenario where the economy goes off the broad fiscal cliff the largest fiscal cliff which according to CBO and our own analysis would throw the economy into recession, I don't think the Fed has the tools to offset that."
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