[Congressional Record Volume 151, Number 32 (Wednesday, March 16, 2005)]
[House]
[Page H1512]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      NOT AN INDEPENDENT ANALYSIS

  (Mr. EMANUEL asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. EMANUEL. Mr. Speaker, yesterday while testifying before a Senate 
committee, Federal Reserve Chairman Alan Greenspan said on the tax 
cuts, ``It turns out we were all wrong'' about President Bush's tax 
cuts.
  In his book, Ron Suskind quotes the Fed Chairman as telling Secretary 
O'Neill, ``Without the triggers, that tax cut is irresponsible fiscal 
policy.''
  Despite his private views, Chairman Greenspan publicly supported the 
tax cuts without reservation. I only wish he had expressed publicly 
what he knew privately.
  Mr. Greenspan went on to say that he wanted to use the tax cuts to 
eliminate the budget surplus. Well, he succeeded beyond his wildest 
imagination. We now have $2 trillion in additional debt because of 
those tax cuts. Now where do we send that bill, Mr. Greenspan?
  The Fed Chairman would have us believe that no one could have seen 
this coming, that it was an honest mistake. I know something about 
spin. Mr. Greenspan, that is spin. Now, Mr. Greenspan advocates making 
tax cuts for millionaires permanent while advocating a cut in Social 
Security benefits for the middle class, all the while bemoaning the 
rising deficits this country has seen and $2 trillion of additional 
debt.
  Thank you very much for that independent analysis, Mr. Greenspan. Mr. 
Greenspan, you know better.




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