Bernanke says economic recovery close to faltering

Federal Reserve Chairman Ben Bernanke saysthe economic recovery "is close to faltering" and the central bank isprepared to take further steps to support it.

Bernanke says that the economy is growing more slowly thanthe Federal Reserve had expected and that the biggest factor depressing consumerconfidence is poor job growth.

Bernanke says: "We need to make sure that the recoverycontinues and doesn't drop back and that the unemployment rate continues tofall downward."

Bernanke also tells the Joint Economic Committee thatlawmakers face a delicate challenge: They must avoid making deep spending cutsthat could impede the recovery. But he says they must also eventually cutspending more deeply than the $1.5 trillion in deficit cuts being sought by aspecial panel.