In recent testimony before theUS House of Representatives, FederalReserveChairman Bernanke stated that if the national debt ceiling were not raised by the August deadline, theUS Government would either have to default on some of its debt or reduce spending by 40 percent .
The mechanics of our US economy have become so complicated, so convoluted and so overburdened, that Chairman Bernanke and theFederalReserve are powerless to engineer a solution.
After that, Mr Snow and USFederalReserveChairman Alan Greenspan will join senior Chinese officials for the annual meeting ofthe Sino-US Joint Economic Commission.