On June 3, 2009, Federal Reserve Board Chair Ben Bernanke told a House Budget Committee to address the government’s long-term fiscal shortfall. He stated that “tax rates must ultimately be set at a level sufficient to achieve an appropriate balance of spending and revenues.”1

He also stated that tax rates should not be set “so high as to impede economic growth” and that Congress needs to look at both the spending and tax sides of the equation.

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