Greenspan: Budget Solution Key to Revive Economic Growth

Friday, 19 Apr 2013 09:24 AM

 

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A U.S. budget agreement that includes debt reduction needs to be reached to revive economic growth, former Federal Reserve Chairman Alan Greenspan said.

“Unless we remove deep-seated uncertainties, the economy is not going anywhere,” Greenspan said today during a “Bloomberg Surveillance” television interview with Sara Eisen in Washington. The economy will “stay this way unless we remove a lot of the uncertainty.”

Greenspan said he supports the $2.5 trillion package of spending cuts and tax increases proposed by Erskine Bowles and Alan Simpson. An update of the plan, to be released today in Washington, includes $740 billion in increased revenue over the next decade that Republicans have deemed unacceptable and a higher eligibility age for Medicare that President Barack Obama has rejected.

“The most fundamental issue that needs to be addressed is getting the budget under control,” Greenspan said.


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