{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Bernanke says fiscal cliff standoff already hurting economy' data-url='/boclips/videos/5c54c231d8eafeecae157dcd' data-video-url='/boclips/videos/5c54c231d8eafeecae157dcd' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nBernanke says fiscal cliff standoff already hurting economy\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003e1. Wide, US Federal Reserve Chairman Ben Bernanke enters news conference2. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman\"Clearly the fiscal cliff is having effects on the economy, even though we've not yet even reached...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003e1. Wide, US Federal Reserve Chairman Ben Bernanke enters news conference\u003cbr/\u003e2. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman\u003cbr/\u003e\"Clearly the fiscal cliff is having effects on the economy, even though we've not yet even reached the point of the fiscal cliff potentially kicking in. It's already affecting business investment by creating uncertainty, or creating pessimism.\"\u003cbr/\u003e3. Wide of media conference \u003cbr/\u003e4. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman\u003cbr/\u003e\"I'm hoping that Congress will do the right thing on the fiscal cliff. You know, there is a problem with kicking the can down the road. It might avoid some of the short-term impact on the recovery, but it could create concerns about our longer-term fiscal situation. And I don't want to see that.\"\u003cbr/\u003e5. Zoom out of media conference\u003cbr/\u003e6. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman\u003cbr/\u003e\"It's reasonable to be concerned about this. I don't buy the idea that a short-term descent off the fiscal cliff would be not costly. I think it would be costly.\"\u003cbr/\u003e7. Wide of media conference \u003cbr/\u003e8. SOUNDBITE: (English) Ben Bernanke, US Federal Reserve Chairman\u003cbr/\u003e\"I hope it won't happen but if the fiscal cliff occurs as I said many times, I don't think the Federal Reserve has the tools to offset that event and in that case we obviously have to temper our expectations about what we can accomplish.\"\u003cbr/\u003e9. Wide of media conference\u003cbr/\u003e10. SOUNDBITE: (English) Ben Bernanke, U.S. Federal Reserve Chairman\u003cbr/\u003e\"The committee anticipates that exceptionally low levels for the federal funds rate are likely to be warranted, quote, 'at least as long as the unemployment rate remains above 6.5 per cent, inflation over the period between one and two years ahead is projected to be no more than half a percentage point above the committee's two per cent longer run goal, and longer-term inflation expectations continue to be well anchored'.\"\u003cbr/\u003e11. Bernanke exits news conference\u003cbr/\u003eThe Federal Reserve Chairman Ben Bernanke said Wednesday that the US economy is already being hurt by the \"fiscal cliff\" standoff in Washington.\u003cbr/\u003eThe steep tax increases and spending cuts can be avoided with a successful budget deal, Bernanke said during a news conference after the Fed's final meeting of the year. \u003cbr/\u003eThe Fed's latest forecasts for stronger economic growth next year and slightly lower unemployment assume that happens.\u003cbr/\u003eStill, Bernanke said the uncertainty surrounding the resolution is already affecting consumer and business confidence and has led businesses to cut back on investment.\u003cbr/\u003e\"Even though we did not even reached the point of the fiscal cliff potentially kicking in, it's already affecting business investment by creating uncertainty, or creating pessimism,\" Bernanke told the media.\u003cbr/\u003eBernanke said the most helpful thing that Congress and the Obama administration can do is resolve the issue quickly.\u003cbr/\u003e\"I'm hoping that Congress will do the right thing on the fiscal cliff,\" Bernanke said. \"There is a problem with kicking the can down the road.\"\u003cbr/\u003eBernanke repeated his belief that if the scheduled tax hikes and spending cuts do take effect in January, they will have a significantly adverse effect on the economy, regardless of what the Fed might do. \u003cbr/\u003e\"We cannot offset the full impact of the fiscal cliff. It's just too big,\" Bernanke said adding \"I don't think the Federal Reserve has the tools to offset that event and in that case we obviously have to temper our expectations about what we can accomplish.\"\u003cbr/\u003eStill, the Fed took more steps Wednesday to try and help boost economic growth and lower unemployment. \u003cbr/\u003eAfter the meeting, the Fed said it would keep its key short-term interest rate near zero as long as unemployment remains above 6.5 percent and inflation stays tame. \u003cbr/\u003eIt was the first time the Fed had linked future rate increases to specific economic markers. \u003cbr/\u003eUnemployment is now 7.7 percent.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead 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