Greenspan: U.S. Economy Sound, Spending Curbs Needed - 2005-03-02
The U.S. economy is expanding at a "reasonably good pace," Federal Reserve Chairman Alan Greenspan said on Wednesday, but he warned dangerous budget deficits must be fixed, preferably through spending cuts.

"When you begin to do the arithmetic of what the rising debt level implied by the deficits tells you, and add interest costs to that ever-rising debt at ever-higher interest rates, the system becomes fiscally destabilizing," Greenspan said to the House of Representatives Budget Committee.
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U.S. stocks fall on interest rate worries - 2005-03-02
U.S. stocks were lower Wednesday amid fears the Federal Reserve Board may quicken the pace or size of interest rate hikes.

The Dow Jones industrial average lost 37.90 or 0.35 percent to 10,792.10 in mid-morning trading.the Nasdaq composite slipped 10.75 or 0.52 percent to 2,060.50, and the Standard & Poor's 500 gave up 4.36 or 0.36 percent to 1,206.04.
Read the full story at New Kerala