The chances of a new U.S. recession are rising rapidly as employment and housing remain depressed and Europe's debt crisis threatens to spill over, according to a number of prominent economists.
Federal Reserve Chairman Ben Bernanke on Tuesday described the recovery as "close to faltering," economists at Goldman Sachs said the United States is on "the edge" of recession, and forecasters at the Economic Cycle Research Institute said the country's economy was "tipping" into another downturn.
Bernanke delivered the warning in testimony to the Joint Economic Committee of Congress, saying the Fed — the U.S. central bank — is prepared to do more to support the recovery.
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