A picture emerges, but...

... it may not be the one the administration wants to hear.

Bernanke:  "But given the significant costs and risks associated with a rapidly rising federal debt, our nation should soon put in place a credible plan for reducing deficits to sustainable levels over time," using cuts and tax simplification.  The Fed chief said the economy is stronger when taxes aren't too high and are collected in an efficient, equitable and transparent way.  "At present, a broad consensus exists that the U.S. tax code does not satisfy these criteria and is in need of reform."

Jeepers!

UPDATE 4/28:  Another version of the story:  "Bernanke said the U.S. economy could not grow its way out of the problem."