Ben Bernanke talked about the state of the U.S. economy. He urged Congress and President Obama to reach an agreement to avert the “fiscal cliff,” referring to impending tax increases and budget cuts at the end of 2012 if Congress failed to reach a new budget agreement. He said that allowing the fiscal cliff to happen could lead to a recession. Following his speech, Chair Bernanke answered questions from the audience. Professors Blinder and Feldstein asked Mr. Bernanke questions following his address.