This afternoon--Congress is mulling over how to proceed, after Fed Chairman Ben Bernanke warned that the U.S. economy could be gravely hurt if Social Security and Medicare aren’t revamped. In his testimony before the Senate Budget Committee, Bernanke also said that economic growth alone is unlikely to solve the nation's impending fiscal problems.
"Fixing the problems," Bernanke said, "will take persistence and a willingness by Congress and the White House to make difficult choices." Of recent projected improvement in the deficit, Bernanke says it may be the "calm before the storm." CNBC's Mark Haines, and the CNBC team provided instant analysis of Bernanke’s testimony and what it means for investors.
CNBC’s Chief Commentator Bill Seidman called Bernanke's presentation brilliant, because "He answered what he wanted to answer but didn’t talk about policy questions." Mark Haines noted that Bernanke wasn’t cryptic or arcane (as compared to Alan Greenspan ) and that he was easy to understand, even compelling in the way he spoke.