Bernanke warns on imbalance risks with Asia

Ben Bernanke said on Monday that it was “extraordinarily urgent” that the US and Asia adopt policies that prevent a revival of global economic imbalances as the financial crisis ebbs. The Federal Reserve chairman warned that global imbalances — the big gaps between national saving, consumption and investment rates reflected in large trade deficits and surpluses — had helped cause the crisis and needed to be corrected.

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Senate rejects additional F-22 funding

The Senate voted Tuesday to block expansion of one of the country’s most controversial and expensive defense programs, the F-22 fighter jet program. The vote gave the White House and Pentagon a key victory over congressional supporters of the F-22, many of whom represent states and districts where jobs are tied to the production of the jet.

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