Greenspan on Budget Deficits. It's Like Urgent or Something.
That wrinkled old monkey is at it again. Time to write another book, you homicidal
The notion that President Obama should appoint a special commission on ways to reduce the yawning budget deficit is getting a big-name boost: Alan Greenspan.
The former Federal Reserve chairman tells a Senate committee today that the nation's fiscal mess is "more urgent than at any time in our history," reports Oval colleague Richard Wolf.
A special commission is an "excellent idea," he adds.
The budget gap for fiscal year 2009 hit $1.4 trillion, nearly four times the previous record, Rich reminds us. The overall federal debt is $12.1 trillion, and could wind up at more than 80% of the gross domestic product in a decade.
Our old pal Ed Henry at CNN reports that Obama is considering an executive order that would "create a bipartisan commission that could weigh sweeping tax increases and spending cuts to try to slash the soaring federal deficit."
I find it hilarious that AG will not shut his filthy trap. If he is so concerned about our deficit problem, why did he allow so much of America's economy to end up in China's portfolio?