Fed Chairman Bernake says nation headed for a cliff

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Federal Reserve Chairman Ben Bernanke warned Congress it risked taking the nation over a “massive fiscal cliff” at the end of the year, The Hill reports.

He warned expiring tax cuts and spending cuts set to be triggered at the end of the year could hurt the economic recovery.

Said Bernanke: “All those things are hitting on the same day, basically. It’s quite a big event.”

“This year’s lame-duck session of Congress is expected to be one of the busiest in history given the expiring tax cuts and the spending cuts, which were triggered by the supercommittee’s failure last year to agree to a deficit-cutting plan. Congress will also need to raise the debt ceiling quickly after Election Day.”

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.