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WASHINGTON, April 12 (Reuters) – The U.S. economy faces
major fiscal challenges at the end of the year from the
expiration of tax cuts, hitting the debt limit and automatic
spending cuts that all kick in unless Congress takes action, a
Federal Reserve official warned on Thursday.
“These are issues that loom quite large and will have
significant effects on the economy if not addressed. Will they
be addressed this year? I doubt it, I doubt it,” Fed Governor
Sarah Bloom Raskin told a business and community leader audience
in Los Angeles.
“They have significant effects on people’s confidence –
business confidence and household confidence,” she said.
