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    Bernanke: Make Fiscal Cliff Deal Now

    Federal Reserve Board Chairman Ben Bernanke speaks during a press conference following the Federal Open Market Committee (FOMC) meeting in Washington, DC, June 20, 2012. The Federal Reserve on Wednesday slashed its estimate for the economy's growth this year by a half point, and projected unemployment would be higher than it thought just two months ago. AFP PHOTO / Saul LOEB        (Photo credit should read SAUL LOEB/AFP/GettyImages)

    Saul Loeb, AFP / Getty Images

    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.

    Read it at Associated Press