Federal Reserve Chairman Ben S. Bernanke advised Congress earlier this year to avoid big spending cuts now and rein in spending on entitlement programs such as Social Security and Medicare over the next five to 10 years. (Associated Press)

Federal Reserve Chairman Ben S. Bernanke advised Congress earlier this year to avoid big spending cuts now and rein in spending on entitlement programs such as Social Security and Medicare over the next five to 10 years. (Associated Press)