From NPR:
Federal Reserve Chairman Ben Bernanke is reiterating that Congress should not cut spending sharply while the economy is weak.
Bernanke told the Joint Economic Committee that lawmakers face a delicate challenge: They must avoid making deep spending cuts that could impede the recovery. But he says they must also eventually cut spending more deeply than the $1.5 trillion in deficit cuts being sought by a special panel.
Bernanke said that the U.S. economy is growing more slowly than the Fed had expected and that the biggest factor depressing consumer confidence is poor job growth.
His warning to Congress not to pursue deep spending cuts in the short run comes at a time of sharp disagreement within the Fed and Congress about how to invigorate the economy.