« Find the Brownie - New York Times | Main | Bill Bennett: "[Y]ou could abort every black ba ... [Media Matters] »

September 26, 2005

"Lost Control of our budget", Alan Greenspan(?)

Link: Independent Online Edition > Business News : app2.

itter disagreements over global economic policy broke out into the open yesterday as the French Finance Minister claimed that Alan Greenspan had admitted America had "lost control" of its budget while China warned the US to drop demands for radical economic policy changes. In an extraordinary revelation after a meeting between Thierry Breton and Mr Greenspan, M. Breton told reporters: "'We have lost control,' that was his [Mr Greenspan's] expression. "The US has lost control of their budget at a time when racking up deficits has been authorised without any control [from Congress]," M. Breton said. "We were both disappointed that the management of debt is not a political priority today. The situation that is creating tension today on the currency market ... is clearly the American deficit." The public comments, which were made during meetings between the G8 nations and the International Monetary Fund, are certain to anger the Bush administration and widen divisions between the US and France over issues such as the Iraq war and global warming. A clearly irritated senior US Treasury source said: "Things can get lost in translation."

Posted at 7:55 AM


TrackBack URL for this entry:

Listed below are links to weblogs that reference "Lost Control of our budget", Alan Greenspan(?):