2004 Presidential Transition
Alan Greenspan is telling anyone that will listen that the Congress and the President must reduce the deficit spending that has been a hallmark of their performance that last 4 years, according to the Denver Post [March 3, 2005, "Fed chief says big deficits 'unsustainable,' urges cuts"]. From the article, "The assessment was Greenspan's gloomiest to date about the government's budget straits. Unless Congress takes major actions to reduce the deficits, preferably, he said, by deep spending cuts, annual shortfalls would make closing those gaps become even more difficult. Greenspan has made similar pleas in the past, but he spoke more urgently Wednesday and disagreed more adamantly with Republican lawmakers and President Bush, who have steadfastly refused to curb their new tax cuts. The Fed chairman emphasized that his own preference was to reduce deficits by cutting spending rather than raising taxes. But he said the "overriding principle" was to reduce the deficit, making compromise essential."
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