Bernanke calls on both parties to be fiscally responsible

Federal Reserve Chairman Ben Bernanke on Thursday reiterated his call for both political parties to be fiscally responsible when crafting legislation. 

"Those folks who believe that low tax burdens are very important need to also specify how they're going to cut spending," he said. "And those who see much benefit in spending need to sort of specify what their revenue source is going to be."  

He added, "So if we can force people to recognize that there are two sides to this, that's -- that's the way to ultimately bring down the deficits." 

Bernanke's comments came during a House Financial Services hearing on economic implications for unwinding Federal Reserve liquidity programs. 

In one exchange with members, he predicted a bumpy road for lawmakers attempting to wrestle down the deficit.

"There's this tendency that nobody wants to cut [spending] and nobody wants to raise taxes," he said.  "At some point, we're going to have to make some unattractive and tough decisions. And I don't envy members of Congress who have to grapple with this problem."