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Friday April 22, 10:44
Greenspan supports tax increases
(by Julia Jenson)

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Greenspan supports tax increases
Alan Greenspan warned the U.S. Senate budget committee that the swelling US fiscal deficit will bring the economy to stagnation or recession unless steps are taken to correct it.

“Unless that trend is reversed, at some point these deficits would cause the economy to stagnate or worse,” Mr. Greenspan said about a record $413-billion deficit in 2004.

For the first time Alan Greenspan voiced support for tax increases which he advocates as a way to bring down the soaring deficit. He rebuffed the accusations that he actually helped to grow deficits with his support for 2001 tax cuts. Greenspan admitted that his support had led to an increase in deficits, but reminded that he also had called for measures to limit breaks if they tell on the deficit.


"The federal budget deficit is on an unsustainable path, in which large deficits result in rising interest rates and ever-growing interest payments that augment deficits in future years," Greenspan said yesterday.

He added nevertheless that the economy is "expanding at a reasonably good pace."
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