Posted on 01/13/2009 9:04:02 AM PST by NormsRevenge
LONDON Federal Reserve Chairman Ben Bernanke said Tuesday the stimulus package being crafted by President-elect Barack Obama and Congress could provide a "significant boost" to the sinking economy. But he warned that such a recovery won't last unless other steps are taken to stabilize the shaky financial system.
Although Bernanke has previously endorsed the notion for a fresh round of government stimulus to lift the country out of a recession, it marked the first time the Fed chief has referenced the roughly $800 billion recovery plan now being worked on by Obama, who takes office next week. Obama envisions a blend of tax cuts and increased government spending, including on big public works projects, to make up the stimulus plan.
(Excerpt) Read more at news.yahoo.com ...
just posted this .. ap as well
Oil finishes higher on Bernanke comments
http://www.freerepublic.com/focus/f-news/2163921/posts
Mark Williams - ap
COLUMBUS, Ohio Crude futures halted a weeklong price slide Tuesday, nudging higher after Federal Reserve Chairman Ben Bernanke said the stimulus package being crafted by President-elect Barack Obama and Congress could provide a “significant boost” to the sinking U.S. economy.
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