Bernanke Warns of an Approaching 'Fiscal Cliff'

Federal Reserve Chairmen Ben Bernanke today gave the Senate Banking Committee sobering news about unemployment. "Given that growth is projected to be not much more than the rate needed to absorb new entrants into the labor force, the reduction in the unemployment rate is likely to be frustratingly slow." He also warned lawmakers to resolve differences over taxes and spending or face what he called a "fiscal cliff" by the end of the year. Binyamin Appelbaum reports for the New York Times.