Former Federal Reserve chair Alan Greenspan has come out in favor of letting the Bush administration tax cuts for the wealthiest Americans expire. Appearing on Meet the Press, Greenspan said the tax revenue is needed to reduce the federal budget deficit.

Alan Greenspan: “I’m very much in favor of tax cuts, but not with borrowed money. And the problem that we’ve gotten into in recent years is spending programs with borrowed money, tax cuts with borrowed money. And, at the end of the day, that proves disastrous. And my view is I don’t think we can play subtle policy here.”