President Barack Obama announced his intention to reappoint Ben Bernanke  as chairman of the Federal Reserve on Tuesday praising the Fed chief’s “bold action and out-of-the-box thinking” as the White House warned of a sharp deterioration in the US fiscal outlook. The US budget deficit will be $2,000bn higher over the next 10 years than earlier predicted, according to White House projections. Taken with a separate forecast by the independent Congressional Budget Office, the news presented a bleak picture of America’s deteriorating debt position.

This entry was posted by Gwen Robinson on Wednesday, August 26th, 2009 at 4:58 and is filed under Capital markets, People. Tagged with ben bernanke, federal reserve. Edit this entry.