NewsMine — economy — united-states — 2003 — 2003-july-aug — Viewing Item

Greenspan not liking deficit Original Source Link: (May no longer be active)    http://washingtontimes.com/upi-breaking/20030717-083115-1746r.htm http://washingtontimes.com/upi-breaking/20030717-083115-1746r.htm Greenspan not liking deficit WASHINGTON, July 17 (UPI) -- Federal Reserve Chairman Alan Greenspan warned the growing deficit will damage U.S. economic growth. "There is no question that if you run substantial and excessive deficits over time, you are draining savings from the private sector, and ... you do clearly undercut the growth rate of the economy," Greenspan told the Senate Banking Committee. Tuesday, the Bush administration forecast the deficit will reach $455 billion in fiscal 2003 and rise to $475 billion next year before starting to decline. While Greenspan never specifically criticized White House budget policies, his comments contrasted with those of senior Bush administration officials, such as Joshua Bolten, director of the Office of Management and Budget. Bolten defended the administration's fiscal record Wednesday before the House Budget Committee, the Washington Post reported. Bolten said deficits totaling 4.2 percent of the nation's economic output, or gross domestic product, are "manageable."

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