Greenspan says U.S. creating `scary’ deficit as borrowing rises

Vince Coglianese Contributor
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Former Federal Reserve Chairman Alan Greenspan said the U.S. fiscal deficit is “scary” and the federal government needs to cut spending on entitlements.

“We’re involved in a dangerous game,” Greenspan said yesterday at a foreign-exchange conference in New York sponsored by Bloomberg LP, the parent of Bloomberg News. “We’re increasing the debt held by the public at a pace that is closing” the gap between our debt and “any measure of borrowing capacity,” Greenspan said. “That cushion is growing very narrow.”

Full Story: Greenspan Says U.S. Creating `Scary’ Deficit as Borrowing Rises – Bloomberg