by Laura Conaway

Federal Reserve Chairman Ben Bernanke says the U.S. economy no haz cheesburger. Bernanke told the Senate Banking Committee today that the biggest hurt is in the housing market. Hiring has also fallen off, he says. And things aren't getting better soon:

"Further cuts in homebuilding and in related activities are likely," he said.

Bernanke says the Fed "will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks" — read: may cut the interest rate — and does expect some improvement later in the year.