Washington (Economic Times) -- Federal Reserve chairman Ben S Bernanke said the U.S. government may face a “fiscal crisis” in the coming decades if it fails to deal with the rising costs of retirement and medical benefits for the aging population.

“If early and meaningful action is not taken, the U.S. economy could be seriously weakened, with future generations bearing much of the cost,” Bernanke said at a Senate Budget Committee hearing.

Bernanke, unlike his predecessor Alan Greenspan, refused to endorse a strategy on taxes and spending. The projected budget shortfall results from spending on the Social Security, Medicare and Medicaid programmes. While official forecasts may show a stable or narrower budget deficit over the next few years, “unfortunately, we are experiencing what seems likely to be the calm before the storm,” he said in his first hearing on Capitol Hill since Democrats won control of Congress from the Republicans in November’s elections.

Bernanke, 53, didn’t discuss the current state of U.S. monetary policy or economic conditions in his remarks. He will testify on the economic outlook before Senate and House of Representatives committees on February 14-15.