Congress re-elected Nancy Pelosi as the Speaker of the House.
FOMC saw a "substantial" downside risk to the economy in December when they lowered interest rates to 0%.
Fed sees outlook for the economy "weak for a time" and an appreciable reduction in inflation. In fact they see inflation as "uncomfortably low".
FOMC says balance sheet likely to remain at a high level. Fears prolonged contraction.
Obama said the deficit could reach $1 trillion dollars.