Federal Reserve Chairman Ben Bernanke sounded like a fiscal Paul Revere last week, warning Congress about the dangers of an advancing army of debt.

Bernanke said policymakers need a bold plan to correct the deficit or else face dire consequences. Our “near-term challenges must not be allowed to hinder timely consideration of the steps needed to address fiscal imbalances. Unless we demonstrate a strong commitment to fiscal sustainability in the longer term, we will have neither financial stability nor healthy economic growth.”