The president of the Federal Reserve Bank of Dallas, Richard Fisher, had called out Washington, saying the current fiscal discord has made the US government suppressive to the country's thrust towards recovery.
He made the remarks during a speech in Sydney held today. He said, "I am not a proponent of increasing government spending without restraint. The excessively over-indebted US government has, as mentioned, been hogtied - prevented from providing stimulus. It has thus played a counter-cyclical, suppressive role. The inability of our government to get its act together has countered the pro-cyclical role of the Federal Reserve."
Fisher would be holdong a vote on monetary policy in 2014. He said the views he expressed were entirely his own.
He added, "We have a government that hasn't been able to agree on a budget in five years; that has historically, under both Republican and Democratic presidents and Congresses, spent money and committed itself to fund long-term programs without devising revenue streams to cover costs or fund future liabilities."
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