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Greenspan wants all tax cuts to expire

The debate on Capitol Hill is whether to extend all of the Bush-era tax cuts, as most Republicans want, or to extend all of the cuts except those for the wealthy, as President Obama and most Democrats want. But former Federal Reserve Chairman Alan Greenspan contends that Congress should let all of the tax cuts expire at the end of this year. "We should not have tax cuts with borrowed money," he said. Otherwise, there would be "very grave problems ahead." Greenspan, who supported the tax cuts in 2001 and 2003, discounts concerns that letting tax cuts expire will have a major impact on the economy. He argues that the much bigger concern for the economy is the deficit and the national debt.