Bernanke Says Extending Bush's Tax Cuts Would Maintain Economic Stimulus By Scott Lanman and Ryan J. Donmoyer - Jul 23, 2010 Ben S. Bernanke, chairman of the U.S. Federal Reserve Ben S. Bernanke, chairman of the U.S. Federal Reserve, listens to opening statements during his semiannual monetary policy report to the House Financial Services Committee in Washington. Photographer: Joshua Roberts/Bloomberg Federal Reserve Chairman Ben S. Bernanke said extending at least some of the tax cuts set to expire this year would help strengthen a U.S. economy still in need of stimulus and urged offsetting the move with increased revenue or lower spending. “In the short term I would believe that we ought to maintain a reasonable degree of fiscal support, stimulus for the economy,” Bernanke said yesterday under questioning from the House Financial Services Committee’s senior Republican. “There are many ways to do that. This is one way.” While Democrats want to keep the 2001 and 2003 tax reductions passed during former President George W. Bush’s administration for families earning as much as $250,000, Republicans aim to continue the cuts for high-income people as well. Bernanke didn’t endorse either party’s position or recommend a time period for an extension. http://www.bloomberg.com/news/.....ulus-to-economy.html |