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Watch all the Republicans heads explode:

Former Federal Reserve Chairman Alan Greenspan, whose endorsement of George W. Bush’s 2001 tax cuts helped persuade Congress to pass them, said lawmakers should allow the cuts to expire at the end of the year.

“They should follow the law and let them lapse,” Greenspan said in an interview on Bloomberg Television’s “Conversations with Judy Woodruff,” citing a need for the tax revenue to reduce the federal budget deficit....

 Ending the cuts “probably will” slow growth, Greenspan, 84, said in the TV interview. The risk posed by inaction on the deficit is greater, he said.

“Unless we start to come to grips with this long-term outlook, we are going to have major problems,” said Greenspan, who led the U.S. central bank from 1987 to 2006. “I think we misunderstand the momentum of this deficit going forward.”

Greenspan said reducing the deficit is “going to be far more difficult than anybody imagines” after “a decade of major increases in federal spending and major tax cuts.”

Wow, a realistic deficit hawk, and Greenspan, no less. Of course, note that he doesn't say that he was instrumental in enacting those major tax cuts. Bygones.
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Originally posted to Daily Kos on Thu Jul 15, 2010 at 02:06 PM PDT.

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