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In a clear shift from his previous position that reducing the national debt should be the focus of fiscal policy, Greenspan endorsed a combination of debt reduction and tax cuts. He cited the swelling surplus as a major reason for his policy shift.
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Mr. Greenspan also warned in his testimony that any tax cuts should not be so big that they would plunge the government back into deficit if the federal budget surplus fails to materialize. The Bush plan has already been criticized as far too large.
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