NEW YORK. Former Federal Reserve chief Alan Greenspan said yesterday all Bush-era tax cuts should be allowed to expire at the end of the year in order to rein in the budget deficit and stop it from crowding out private investment.
Reversing a long-standing aversion to tax increases, Green­span warned of “very grave problems ahead” if the budget deficit, swollen to around $1 trillion by stimulus spending, is not tackled soon. reuters