Federal Reserve Chairman Ben Bernanke today said the country's budget deficit is on an unsustainable path and will soon require action in order to avoid further danger.
Bernanke cited the rising cost of health care and social security programs as two major keys to stemming the ballooning debt.
Speaking to the National Commission on Fiscal Responsibility and Reform, Bernanke said, "In the absence of further policy actions, the federal budget appears set to remain on an unsustainable path. Given the significant costs and risks associated with a rapidly rising federal debt, our nation should soon put in place a credible plan for reducing deficits to sustainable levels over time."
The independent panel has been asked to suggest solutions to the deficit problems, and has until December 1 to report its recommendations.