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Just weeks after Congress approved a $700 billion dollar bailout for Wall Street, Federal Reserve Chairman Ben Bernanke is telling legislators they should consider passing a new stimulus package to try to jump start the economy.
Bernanke, speaking before the House Budget Committee, came just short of an outright endorsement of a package to pump tax dollars into the economy. But he clearly said the economy needs additional help from Congress.
"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," he said.
Bernanke's endorsement increases the chance that Congress will pass a stimulus package, perhaps in a lame duck session after the November election and before the new Congress takes office in January.
Talk has grown louder in recent weeks in Washington and on the presidential campaign trail for further steps including an extension of unemployment benefits, infrastructure spending and other measures.
Bernanke's comments were cheered by House Speaker Nancy Pelosi, a Democrat of California.
"Chairman Bernanke added his voice to the chorus of economists, experts and policymakers who insist that America needs a job-creating recovery package to get our economy back on track and to restore consumer and investor confidence," said a statement released by her office.
The Bush administration said it was open to discussing a new stimulus package with lawmakers but said it did not see Bernanke's statements as a blanket endorsement of any plan proposed so far by Congress.
"I think we just need to wait and see," said White House spokeswoman Dana Perino. "We're open to ideas and we'll take a look at what comes our way."
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