Bernanke urges lawmakers to avoid cliff (Córdoba) - Fed's Chairman Ben Bernanke urged US lawmakers to make a deal and avoid the "fiscal cliff". In a speech Tuesday in New York, Bernanke said Washington needs to resolve the uncertainty over US tax and spending policy, which is weighing on consumers, businesses and markets.

Bernanke emphasized that the fiscal cliff poses a significant threat to the US economy, adding at the same time that the Federal budget edges to unsustainable levels. He also remarked that the recovery of the housing sector remains moderate and the labor market evidences some sluggishness. He later affirmed that the Fed would see a sustainable recovery before any rate hike.