Greenspan stresses need for spending cuts

Federal Reserve chairman Alan Greenspan said on Wednesday 2 March that the US economy is growing at a reasonably good pace but the country must tackle its "unsustainable" budget deficits, primarily through spending cuts.

``I feel that we may have already committed more physical resources to the baby-boom generation in its retirement years than our economy has the capacity to deliver,'' Greenspan said in testimony to the House Budget Committee. ``If existing promises need to be changed, those

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