Greenspan: Budget Gaps Threaten U.S. Economy - 2005-03-15
U.S. budget deficits are a potential threat to the U.S. economy, Federal Reserve Chairman Alan Greenspan warned on Tuesday, and Social Security benefit cuts will almost certainly be needed to cope with a rising tide of retirees.
``Failure to address the imbalances between our promises to future retirees and our ability to meet those promises would have grave consequences for the economy,'' the Fed chief said in testimony for delivery to the Senate Special Committee on Aging.
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