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Credit Crunch Takes Toll On Broad U.S. Economy; Thu.'s weak data show impact on Main Street as...
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The Bush administration's top economic leaders told Capitol Hill this week that the U.S. economy faces a widespread meltdown unless Congress quickly passes a rescue plan for the financial system. Last year, Federal Reserve Chairman Ben Bernanke assured the nation that the credit crunch was limited to housing-related sectors. But it's now clear that the crisis has spilled over into the broader economy. "The U.S. is facing grave threats to financial stability, and the credit crisis has started to damage household and business spending," Bernanke told the Senate Banking Committee on Tuesday.
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