NEWS SUMMARY: Bernanke worried about US budget
BERNANKE'S CONCERNS: Federal Reserve Chairman Ben Bernanke sketched a bleak picture of the U.S. economy Tuesday and said it could darken further if Congress doesn't reach agreement to avert a budget crisis.
REPORT TO CONGRESS: In his twice-a-year report to Congress, Bernanke cited Europe's prolonged debt crisis and the "fiscal cliff" looming at the end of the year as two big threats facing a U.S. economy which has seen growth weaken in recent months.
FED SUPPORT: Investors had hoped Bernanke would signal another round of bond purchases to drive down long-term interest rates and bolster growth. Bernanke repeated past assurances that the Fed was prepared to do more but he didn't signal that any new moves were imminent.
