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Bernanke calls for further stimulus

October 21, 2008 by  

The Fed is seeking a new stimulus packageIt was several months ago that President Bush signed a $170 billion stimulus package that he said could help prevent the U.S. from slipping into recession – now, there is talk of introducing another, similar measure.

Speaking before Congress, Ben Bernanke, chairman of the Federal Reserve, suggested that a second government stimulus package could provide a boost to the economy, as consumers cut back on spending.

September retail figures fell by 1.2 percent, which caused stocks to plummet and many financial experts to suggest that the country will definitely enter a recession period.

"With the economy likely to be weak for several quarters and with some risk of a protracted slowdown, consideration of a fiscal package by the Congress at this juncture seems appropriate," Bernanke said, explaining the reasoning behind his suggestion to the House Budget Committee.

He added that any plan should be designed so that it would "limit longer-term effects" on the government’s budget deficit.

Congressional Democrats have been calling for an economic stimulus package for weeks, but have not yet received White House support for the plan.ADNFCR-1961-ID-18836593-ADNFCR

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