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Politics : PRESIDENT GEORGE W. BUSH
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To: CYBERKEN who wrote (401548)5/1/2003 3:49:26 PM
From: DuckTapeSunroof  Read Replies (1) of 769668
 
Cyber-Stalin, the article was about GREENSPAN's testimony to Congress, and included a White House quote agreeing with his statement about the harmful effects of over-spending.

>>> Take it up with the White House, or the Fed.

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Greenspan: Cut Deficit Spending or Lose Tax Cut Benefits!

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With a large deficit, Mr. Greenspan said, "you will be significantly undercutting the benefits that would be achieved from the tax cuts."

...Mr. Fleischer said today that Mr. Bush's first priority was creating jobs immediately and that the government could reduce the deficit "over time." He agreed with Mr. Greenspan that the best way to lower the deficit was to hold the line on government spending.

<Greenspan> ...also said new academic evidence had strengthened his opinion that budget deficits led directly to higher interest rates.

... Mr. Greenspan said he strongly supported the president's tax policy, particularly the proposal to eliminate taxes on most stock dividends, "provided it is matched by cuts in spending."

Deficits are especially important in the near future, he said, because of the pressure on the economy early in the next decade when the baby boom generation begins to reach retirement age.
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