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October 21, 2008

Bernanke Backs Proposal for New Economic Stimulus
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In economic news, Federal Reserve Chair Ben Bernanke told Congress on
Monday that another economic stimulus may be needed to boost the
economy.

Ben Bernanke: “Moreover, with the outlook exceptionally uncertain, the
optimal timing, scale and composition of any fiscal package are unclear.
All that being said, with the economy likely to be weak for several
quarters and with some risk of a protracted slowdown, consideration of a
fiscal package by the Congress at this juncture seems appropriate.”

This marks the first time the central bank chair had explicitly endorsed
a second stimulus package. The government sent out about $100 billion in
tax rebate checks over the summer to try to jump-start the economy, but
consumer spending has struggled since then.



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