Greenspan: U.S. Crisis is Imminent

Alan Greenspan, the former head of the Federal Reserve, who supported the tax cuts made by President George W. Bush in 2001, said on Sunday, that he is now in favor of ending the tax cuts, because the risk of a debt crisis in the United States is very large.

"This crisis is so imminent and so hard that I think we need to let all called 'Bush's tax cuts" expire. It is a very large number, " Greenspan said on NBC's Meet the Press, NBC, referring to how much the U.S. government would save if the tax return as they were under President Bill Clinton, who ruled in the 1990s.

Despite the warnings, Greenspan said he was "much more optimistic" now that the U.S. will solve its fiscal problems, in comparison a few months ago. It cited recent agreements signed between Republicans and Democrats to cut spending and reduce the U.S. government. But he warned of the risk of government to be "complacent".

"We'll make it realistically - and I hope that sooner rather than later,"

(Reported by O Estado de Sao Paulo)