11/16/2010 05:12 am ET Updated May 25, 2011

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

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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