] He proposed some solutions that would reduce future
] payments to retirees, including changing the ages at
] which retirement benefits are paid and changing the
] inflation measure used to index the payments.
]
] The government should pay the obligations it's already
] made, he said, adding that any cuts in future retirees'
] benefits should be decided as soon as possible so those
] people can plan ahead.
]
] ...
]
] While acknowledging that recent tax cuts had helped
] worsen the budget picture, Greenspan said he favored
] cutting spending rather than raising taxes, suggesting
] tax hikes could hurt the economy.

[ What should we cut? What's left? We're facing a deficit of over $500 billion, not including a few hundred billion for Iraq, etc. so where's that money gonna come from, if not taxes? -k]

Greenspan warns against U.S. budget deficits - Feb. 25, 2004