Thank you Mr. Chairman. Good morning Mr. Greenspan, its good to see you again.
Mr. Chairman, it appears we are enjoying a relatively healthy economy, with low inflation and a decent level of economic growth.
I think that much of the credit can go to you Mr. Greenspan for your leadership at the Federal Reserve. Many of us up on Capitol Hill have tried to tell you how to do your job -- but you have done it with a steady hand and I thinks it has worked.
I also think, however, that the Republican Congress deserves much of the credit. The American people have a sense that we are making progress getting our fiscal house in order. We were the first Congress to actually cut spending in forty years.
I don't think as much credit should go to this Administration. There fiscal policy has been all over the map. Four years ago, they wanted a stimulus package. Now, they say they want a balanced budget, but the President's latest budget actually has the deficit going back up -- before it balances in 2002. And, of course, the President is against a Constitutional Amendment to balance the budget.
All of this just confirms my view that we need a Constitutional Amendment to balance the budget, so that its not left to the whim who controls Congress whether we are going to put ourselves deeper in debt.
Finally, but just as important, I think we need real capital gains tax cut. I am not sure why we have come to believe that 2% growth is all we can achieve. With lower taxes and less government regulation, I think we can do better -- direction needs to come from the Congress.
Thank you Mr. Chairman, I look forward
Greenspan's testimony.
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