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Payroll Tax Holiday

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  1. Government Spending
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Bernanke's prepared testimony to Joint Economic Committee

Below is the text of Federal Reserve Chairman Ben Bernanke's prepared testimony on the U.S. economy to the congressional Joint Economic Committee on Wednesday.Chairman Brady, Vice Chair Klobuchar, and other members of the Committee, I appreciate this opportunity to discuss the economic outlook and economic policy.Current Economic ConditionsEconomic growth has continued at a moderate pace so far this year. Real gross domestic product (GDP) is estimated to have risen at an annual rate of 2-1/2 percent in the first quarter after increasing 1-3/4 percent during 2012. Economic growth in the first quarter was supported by continued expansion in demand by U.S. households and businesses, which more than offset the drag from declines in government spending, especially defense spending.Conditions in the job market have shown some improvement recently. The unemployment rate, at 7.5 percent in April, has declined more than 1/2 percentage point since last summer. Moreover, gains in total nonfarm pa...

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  1. U.S. April employment data to point to sluggish economy

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    Job growth likely accelerated in April, but probably still lacked enough muscle to help the economy head off the blow from deep government budget cuts and higher tax...

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