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Ex Fed’s Greenspan: U.S. Budget Crisis Is Coming; Must Act
Former Federal Reserve Board Chairman Alan Greenspan said Tuesday that American policymakers must take strong fiscal action soon to avert a budget crisis in the U.S. In testimony to a subcommittee of the Senate Finance Committee, Greenspan said difficult fiscal times are ahead for the nation. “I don’t know whether a U.S. budget crisis is immediately on the horizon or is years off. What I do know is that if we presume that we have a year or two before starting serious long-term restraint, and we turn out to be wrong in that optimism, the impact on financial markets could be devastating,” he said. “If we are ... (full story)
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