Ben Bernanke actually said...

So this is a matter of arithmetic. Fairly soon after that date there would have to be significant cuts in Social Security, Medicare, military pay, or some combination of those in order to avoid borrowing more money.

Context

Ben Bernanke warns of the consequences of failing to raise the debt ceiling, emphasizing the need for significant cuts.

07/20/2011

https://transcripts.cnn.com...

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