PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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From: Kenneth E. Phillipps	3/15/2005 4:04:45 PM
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Greenspan: 'We were all wrong' about surpluses in 2001 WASHINGTON (AFX) -- Federal Reserve Board Chairman Alan Greenspan on Tuesday defended his 2001 call for a tax cut, arguing that "we were all wrong" at the time about the durability of projected budget surpluses. Responding to a question by Sen. Hillary Clinton, D-N.Y., before the Senate Special Committee on Aging, Greenspan said he had suggested at the time that the tax relief should be tied to a trigger that would rescind the cut if budget projections didn't pan out. Greenspan said the erosion of congressional budget controls that require tax cuts and spending increases to be rendered budget neutral exacerbated the slide into deficits. Greenspan reiterated his support for reinstating such "pay-go" rules forexstreet.com

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