(Corrects quote in third paragraph to say "to raise the debt
ceiling" instead of "to avoid the debt ceiling")
ANN ARBOR, Mich. Jan 14 Federal Reserve
Chairman Ben Bernanke on Monday urged U.S. lawmakers to raise
the country's debt ceiling to avoid a potentially disastrous
default on its debt.
Likening Congress to a family arguing that it can improve
its credit rating by deciding not to pay its credit card bill,
Bernanke said that raising the legal borrowing limit was not the
same as authorizing new government spending.
It is "very, very important that Congress take necessary
action to raise the debt ceiling," he told an event sponsored by
the University of Michigan.
(Reporting By Jonathan Spicer; Writing by Alister Bull; Editing
by Leslie Adler)