OpinionMore 'dark money' will influence politics in Michigan if Snyder doesn't veto
The Environment ReportGo lake trout! Native fish overcome seemingly ‘insurmountable’ challenges in Lake Huron
Politics & GovernmentIn his farewell speech Bing says, 'I will remain involved in Detroit's transformation'
Podcasts & RSS Feeds
Most Active Stories
- Former Detroit broadcaster was inspiration for 'Ron Burgundy'
- Muskegon is home to America's tallest, singing Christmas tree
- Pressure builds on Michigan Football as Athletic Department's budget grows
- Why this 20 year old is getting a mastectomy, and why she's not alone
- Michigan Republican party fails to address Dave Agema's bigotry and hatred
Politics & Government
Mon January 14, 2013
Federal Reserve chairman prods Congress to raise debt ceiling during speech at U of M
Federal Reserve Chairman Ben Bernanke says it's important that Congress raise the nation's borrowing limit before the Treasury runs out of maneuvering room to avoid a potential default on U.S. debt.
Bernanke, speaking at the University of Michigan, says the approaching debt limit is one of the "critical fiscal watersheds" for the government in coming weeks.
President Barack Obama also spoke Monday about the urgency of raising the limit. Obama said he wouldn't let congressional Republicans use the debt limit as leverage in negotiations over spending cuts.
Bernanke notes that an impasse over the debt ceiling in 2011 led to a rating downgrade of long-term U.S. debt, the first time that's occurred. He says Congress should raise the ceiling to "avoid a situation where our government doesn't pay its bills."