Bernanke: Economy Will Pick Up

In light of reports of an unexpected economic decline and discouraging employment data, Federal Reserve Chairman Ben Bernanke conceded Tuesday that the U.S. economy is in a slump and that the job market is "far from normal." However, he's optimistic that the markets will grow in the second half of the year, predicting that soaring oil prices will stabilize and the economy will pick up as Japan continues to recover from the devastating earthquake and tsunami. Bernanke also addressed the national deficit, encouraging lawmakers to envision a "long-term plan for fiscal consolidation" and warning Congress not to make severe budget cuts.