Today Federal Reserve Chairman Ben Bernanke went before Congress to deliver the semi-annual Monetary Policy Report to lawmakers.
Speaking before the House Financial Services Committee, Bernanke faced questions surrounding the nation's current economic situation. He also commented on energy and food prices, and on the Fed's role in helping create jobs.
The chairman called for Congress to raise the nation's debt limit before the Aug. 2 deadline imposed by Treasury Secretary Tim Geithner, and also urged Congress to postpone big spending cuts as part of any deficit-reduction strategy.
On Tuesday, the Federal Open Market Committee (FOMC) released the minutes of their recent June meeting. In the press release, the committee explained that “economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected.”
The chairman is also scheduled to present the semi-annual Monetary Policy Report before the Senate Banking Committee Thursday.