WASHINGTON (Reuters) – Secretary of State Hillary Clinton on Thursday said she was heartbroken by the state of U.S. finances and laid the blame in part on “outrageous” advice from former Federal Reserve Chairman Alan Greenspan.
Clinton, appearing before a congressional panel to defend the State Department's $52.8 billion budget request for the 2011 fiscal year, said the Obama administration was well aware of the fiscal pressures battering average Americans.
“It breaks my heart that 10 years ago we had a balanced budget, that we were on the way of paying down the debt of the United States of America,” Clinton said.
“I served on the budget committee in the Senate, and I remember as vividly as if it were yesterday when we had a hearing in which Alan Greenspan came and justified increasing spending and cutting taxes, saying that we didn't really need to pay down the debt — outrageous in my view,” she said.
Full story: Hillary Clinton blasts Greenspan on deficit – Reuters via Yahoo! News