Greenspan Urges Congress to Keep Tax Cuts

Summary

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WASHINGTON - Federal Reserve Chairman Alan Greenspan said Thursday that Congress should reinstate budget rules that would force lawmakers to cover the estimated $1 trillion that it will cost to make President Bush's tax cuts permanent.

The Fed chief said he favored reductions in government spending to pay for making the tax cuts permanent and suggested that one place to look should be in reducing the Social Security benefits paid to retirees.

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Greenspan Urges Congress to Keep Tax Cuts

Appearing before the Senate Banking Committee, Greenspan said he has been urging since the fall of 2002 that budget rules known as pay-go - which require any tax cuts or increases in government entitlem...

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