" 'Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth,' Bernanke said in testimony to lawmakers today. 'Maintaining the confidence of the financial markets requires that we, as a nation, begin planning now for the restoration of fiscal balance. Either cuts in spending or increases in taxes will be necessary to stabilize the fiscal situation,' Bernanke said in response to a question. 'The Federal Reserve will not monetize the debt.'"
From Federal Reserve Chairman Ben Bernanke, in testimony before House Budget Committee on June 3rd, as quoted by Bloomberg
60 Minutes had a segment last night with him and it was very informative: