LOS ANGELES - Dallas Federal Reserve Bank President Richard Fisher told MNI Monday that he is "very concerned" about the coming "fiscal cliff" in which deep spending cuts and the expiration of the Bush tax cuts could occur at the end of the year.
"Congress needs to get its act together and make sensible and disciplined decisions," Fisher told MNI on the sidelines of the Milken Institute Global Conference.
"The Fed can't -- and shouldn't try -- to bail out Congress. Monetary policy can't substitute for sound and disciplined fiscal policies," he said.
"The Fed should be telling Congress to eat its vegetables. We shouldn't be giving them a plate full of cookies," he said.
Fisher said Congress must take steps to boost growth while also developing "effective long term fiscal disciplines."
Market News International is a real-time global news service for fixed-income and foreign exchange market professionals. See www.marketnews.com.