WASHINGTON – Congressman Leonard Lance (NJ-07) today said he was pleased that Federal Reserve Chairman Ben Bernanke urged Congress to address the Nation’s deficits and debt to boost our economic recovery efforts.

During testimony before the House Financial Services Committee, Bernanke told Lance and other members of the Committee that Congress must address the Nation’s growing budget deficits in order to boost confidence in the market and put our economy on glide path toward recovery.

Lance, who is one of the leading advocates in the Congress for debt and deficit reduction, said he was pleased Bernanke delivered such a strong message to Congress on the need to reign in our nation’s debt and growing deficit.

“I’ve repeatedly said that Congress needs a glide path to address spending, the debt and deficits,” said Lance. “I’m pleased Chairman Bernanke reiterated my deep concern that our level of federal spending is currently unsustainable and Congress must develop an action plan for dealing with spending, the debt and deficits.”

During the hearing Bernanke told Committee: "We have a debt that will continue to grow ... I do think it's important to look at the deficit as it goes forward," Bernanke said, noting that it would provide an important boost to the recovery in market confidence "if there were a sustainable, credible plan for a fiscal exit".

Last year, Lance introduced a package of legislation that would address the growing federal debt and runaway spending in the Congress.
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