Yglesias Award Nominee

by Chris Bodenner

GREENSPAN: I should say [Congress] should follow the law and let [the Bush tax cuts] lapse.

Q: Meaning what happens?

GREENSPAN: Taxes go up. The problem is, unless we start to come to grips with this long-term outlook, we are going to have major problems. I think we misunderstand the momentum of this deficit going forward.