Federal Reserve Chairman Ben Bernanke warned that the economic recovery "is close to faltering" and the central bank is prepared to take further steps to support it.
"It is clear that overall, the recovery from the crisis has been much less robust than we had hoped," he told Congress Tuesday. "Recent revisions of government data show the recession was even deeper and the recovery even weaker than previous estimated."
Bernanke said poor consumer confidence and a weak job market have hurt the economy.
Boston-based venture capitalist Bill Frezza, a fellow at the Competitive Enterprise Institute, says "it's a mystery how politicians think they can stimulate jobs by terrorizing job creators."
Click play for more of his comments to CBN News.
"We need to make sure that the recovery continues and doesn't drop back and that the unemployment rate continues to fall downward," he said.
The Fed chief told the Joint Economic Committee that lawmakers face a delicate challenge: They must avoid making deep spending cuts that could impede the recovery.
But he said they must also eventually cut spending more deeply than the $1.5 trillion in deficit cuts being sought by a special panel.
John Ransom, finance editor for Townhall.com, gave more insight on Bernanke's testimony, on CBN's Newswatch, Oct. 4.