The Congress and the Administration should consider replacing the sharp, front-loaded spending cuts required by the Sequestration with policies that reduce the federal deficit more gradually in the near-term, but more substantially in the longer run.
Bernanke suggests a gradual approach to deficit reduction instead of immediate spending cuts.
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Yes, my suggestion to Congress is to consider possibilities that involve somewhat less restraint in the near term and more action to make sure that we are on a sustainable path in the long run.
Finding a way to deal with that issue I think is the most challenging part but has the biggest payoff.
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