Word: congress
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Dates: during 2000-2000
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...economic sense of this argument is, well, arguable. Interest-rate cuts take six months or longer to make a real impact on the economy, and Alan Greenspan implements those with a wave of his hand. Bush's tax cut faces a long road through Congress, and of course part of the argument he used during the campaign - back when everybody worried that it would overstimulate a red-hot economy - was that the cuts would be phased in so gradually that no one would notice...
...that. Bush will likely send the plan to Congress as is already, but he knows that's just the beginning. ("The president proposes, Congress disposes" is the official catch-phrase.) And Bush has signaled his willingness to frontload the plan a little to get that spending cash on the street in time for it to do some good...
...Neill, and Dick Cheney, go back three decades with the fed chairman, and a good relationship with the Fed can be a big help, especially when your old man didn't get along so well with Al. Greenspan will get his chance to sign off when he testifies before Congress this winter...
...Greenspan has told Congress debt reduction would be first on his economic wish list. Deficit reduction was his idea in 1993, and now that there's no deficit he'd like the next president to continue to whittle down the national debt for the same reasons: lower long-term interest rates, lower inflationary risks, less government spending on debt servicing. An all-around good thing...
...Greenspan is also a Republican and a free-marketer, and he told Congress that he prefers tax cuts to new programs, as long as they don't flood a thriving economy with cash and pose an inflation risk. (By his own job description, Greenspan's main obsession is fighting inflation.) But Greenspan is fully aware that this business cycle, even in its current flattened form, is closer to the trough than the apex, and that's largely his doing. Tax cuts may not be the answer to the slowdown, but they probably wouldn't hurt...