Bernanke warns Congress on fiscal deficit


Fundamental changes must be made to US fiscal policy, but to not raise the US's current debt ceiling would prove "self defeating", Federal Reserve chairman Ben Bernanke said on Tuesday.

The country's debt ceiling is now $14.3 trillion, which was hit in May. The debt ceiling is a limit that applies to federal debt. The Treasury has authority to borrow as needed as long as it does not exceed the ceiling. The US Senate must approve any increase in the ceiling and discussions began immediately about

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