9/27/2005

Daily Kos: Greenspan: US has "lost control" of its budget

Greenspan: US has "lost control" of its budget
by G2geek
Mon Sep 26th, 2005 at 06:18:57 CDT

This item is major: it's one of the emperor's top men saying the emperor has no clothes.

Here's the news item; and for the spin see the extended entry...

WASHINGTON (Reuters) - Federal Reserve Chairman Alan Greenspan told France's Finance Minister Thierry Breton the United States has "lost control" of its budget deficit, the French minister said Saturday.

"'We have lost control,' that was his expression," Breton told reporters after a bilateral meeting with Greenspan.

"The United States has lost control of their budget at a time when racking up deficits has been authorized without any control (from Congress)," Breton said.

"We were both disappointed that the management of debt is not a political priority today," he added.

source: http://money.cnn.com/2005/09/24/news/international/greenspan_france.reut/index.htm?cnn=yes

* G2geek's diary :: ::
*

And here's the spin, after-the-fact:

A clearly irritated senior US Treasury source said: "Things can get lost in translation."

A spokesman for the US Treasury said: "This administration is absolutely committed to the President's goal of halving the deficit as a percentage of GNP by 2009 and we have every expectation of meeting that goal."

source: http://news.independent.co.uk/business/news/article315144.ece

Note, Mr. Breton speaks fluent English. "Lost in translation" my ass.

Daily Kos: Greenspan: US has "lost control" of its budget

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