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Bernanke: Deficit reduction must be top priority *PIC*

Bernanke: Deficit reduction must be top priority (by Greg Robb)

WASHINGTON (MarketWatch) - Federal Reserve Board Chairman Ben Bernanke once again urged Congress to put U.S. fiscal policy on a sustainable path, warning Thursday that the nation risks the possibility of a sudden fiscal crisis unless action is taken. "Although historical experience and economic theory do no indicate the exact threshold at which the perceived risks associated with the U.S. public debt would increase markedly, we can be sure that, without corrective action, our fiscal trajectory will move the nation ever closer to that point," Bernanke said in testimony prepared for delivery to the House Budget Committee. The Fed chairman said that Congress should also "take care" not to impede the current economic recovery. He said these two goals were fully compatible. Bernanke said the economy is gradually recovering, but it is still vulnerable to shocks. The labor market has shown signs of improvement, he said.