Federal Reserve Chairman Ben Bernanke warned Congress on Tuesday to make a deal and avoid the automatic tax increases and spending cuts known as the “fiscal cliff” that could take effect in January. He also urged Congress to raise the federal-debt limit to prevent the government from defaulting on the Treasury’s debt, adding that Congress must also reduce federal debt in the long run. “A stronger economy will in turn reduce the deficit and contribute to achieving long-term fiscal responsibility,” he said.
