By Daily Mail Reporter PUBLISHED: 00:08 EST, 8 June 2012 | UPDATED: 00:08 EST, 8 June 2012 Though most of Congress is likely looking forward to the summer recess, the Federal Reserve chairman offered a grim warning as the Bush-era tax cut expiration date looms. ‘If you all go on vacation,’ Ben Bernanke said, ‘(Taxmaggedon is) still going to happen, so it’s important to be thinking about that and working with your colleagues to see how you might address that concern at the appropriate time.’ He spoke urgently of the Bush-era tax cuts that will cost taxpayers $130billion in increases if nothing is done to extend them.
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Chairman of the Fed Ben Bernanke offered grim warning to Congress if they do nothing over Bush-era tax cuts that will expire
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Will cost taxpayers $130billion in additional taxes if nothing is done
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Spoke at Joint Economic Committee
The @placeholder's policy committee has been split between those who favor doing everything possible to strengthen the economy and reduce unemployment, and those more concerned about inflation risks.