Federal Reserve Chairman Ben Bernanke said he does not think the U.S. will slip back into recession, unless the Congress fails to deal with the series of tax increases and spending cuts set to take effect in January.
The Fed Chairman testified on Capitol Hill for the second day in a row, this time before the House Financial Services Committee. He expressed opposition to a bill making its way through the House that would allow Congress to review monetary decisions made by the Fed.
That bill is sponsored by Ron Paul of Texas. The Chairman testifies semi-annually before both houses of Congress on the state of the economy and monetary policy.