Alan Greenspan: I'm In Favor Of Raising Taxes 'For The First Time In My Memory'

11/16/2010 05:12 am ET | Updated May 25, 2011
  • Edward Krudy Yahoo! News

Reversing a long-standing aversion to tax increases, Greenspan warned of "very grave problems ahead" if the budget deficit, swollen to around $1 trillion by massive amounts of stimulus spending, is not tackled soon.

"I am in favor for the first time in my memory of raising taxes," Greenspan told an audience at the Council on Foreign Relations in New York.

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