Former Fed Chairman Greenspan: Let Bush Tax Cuts Expire

Former Federal Reserve Chairman Alan Greenspan argued Sunday for the expiration of Bush-era tax cuts, citing the growing budget deficit the United States faces. We should “allow the (President George W.) Bush tax cuts to expire,” Greenspan said on NBC's “Meet the Press” today, calling the economic crisis “imminent and dire.” We should “put the rates back to where they were during the Clinton administration,” he said. Greenspan served as chairman of the Federal Reserve from 1987 to 2006. Despite Greenspan's popularity during his tenure, he is now cited as among the contributors to the financial mess that began in 2007. “This issue requires a major cut in entitlement spending in order to resolve. It's the issue that's got to be confronted. We've got to deal with it realistically; I hope sooner rather than later.” The U.S. budget deficit has become a prominent issue facing Congressional hearings in recent weeks, with Republicans demanding drastic cuts in the budget.