Bernanke scolds Congress over budget debate

U.S. Federal Reserve Chairman Ben Bernanke told an audience in Jackson Hole Wyoming that Congress needs to enact better financial decision making with clearer definition in the budgeting process. Bernanke spoke at the Federal Reserve Bank of Kansas City's annual economic symposium there and was quick to point out that both long-term deficit reduction and short term spending might be necessary for the economy. The Fed Chief was optimistic about future U.S. growth but reminded policy makers that the economy was still vulnerable right now. He was also concerned about the high unemployment rate as these individuals could be losing vital skills or leave the workforce forever. Tax reform and infrastructure projects were two of the other themes that he talked about during his address.