Getting your player ready...
WASHINGTON — Alan Greenspan says the country can’t afford tax cuts of the magnitude proposed by Republican presidential contender John McCain — at least not without a corresponding reduction in government spending.
“Unless we cut spending, no,” the former Federal Reserve chief said Friday when asked about McCain’s proposed tax cuts, pegged in some estimates at totaling $3.3 trillion.
“I’m not in favor of financing tax cuts with borrowed money,” he told Bloomberg Television.
McCain has said that he would offset his cuts by ending pork-barrel spending, unnecessary programs and overhauling entitlement programs such as Medicare and Social Security.
