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US bank chief spells out warning on fiscal cliff

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US bank chief spells out warning on fiscal cliff
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Striking a quick deal to avoid the so called fiscal cliff could result in a, “very good year” for the U.S. economy.

That’s the view of Ben Bernanke the powerful Federal Reserve Chairman. The bank chief said a credible long-term framework to put the federal budget on a sound path was needed but warned against drastic action which would harm the economy.

Analysts believe he was dangling the prospect of a stronger economy before Congress as an added incentive for lawmakers to strike a deal.