Bernanke warns lawmakers country headed for 'massive fiscal cliff'

Bernanke warns lawmakers country headed for 'massive fiscal cliff'
By Peter Schroeder - 02/29/12 01:26 PM ET

Congress risks taking the economy over a “massive fiscal cliff,” Federal Reserve Chairman Ben Bernanke warned lawmakers on Wednesday.

In remarks that hit Wall Street stock prices, the central bank boss suggested the economy could hit a serious roadblock if Congress allows the Bush tax rates and a payroll tax cut to expire and $1.2 trillion in spending cuts to be implemented simultaneously in January.

http://thehill.com/blogs/on-the-money/801-economy/213351-fed-boss-warns-of-massive-fiscal-cliff