In the US Ben Bernanke stepped up the pressure on Congress to address the budgetary impact of soaring spending on entitlement programmes on Thursday, warning that they could one day cause a â⒬Ŕfiscal crisisâ⒬ in the US.

The Federal Reserve chairman told the Senate budget committee that the recent improvement in US public finances was only the â⒬Ŕcalm before the storm”, says the FT.

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