"Achieving long-run sustainability and providing comfort to the public and the markets that deficits will come under control over a period of time - that's very important for confidence and for creating more support for the recovery. But at the same time, I think you also have to protect the recovery in the near term. Under current law, on January 1, 2013, there's going to be a massive fiscal cliff of large spending cuts and tax increases. I hope that Congress will look at that and figure out ways to achieve the same long-run fiscal improvement without having it all happen at one date."
Feb, 29, 2012 from the question and answer session of a House Financial Services Committee hearing with Federal Reserve Chairman Ben Bernanke testifying on monetary policy and the U.S. economy.