Today, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson urged Congress to pass a $700 billion financial bailout.  They warned that letting problems persist would have dire consequences for the national economy, reports the AP.

“If financial conditions fail to improve for a protracted period, the implications for the broader economy could be quite adverse,” Bernanke says in his prepared for a panel being held later today.

Paulson echoes this stating, “We must do so in order to avoid a continuing series of financial institution failures and frozen credit markets that threaten the well-being of American families’ financial well-being, the viability of businesses both small and large and the very health of our economy.”

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