One of the nation's foremost economic minds is calling on policy makers to let the Bush administration's 2001 tax cuts expire to help balance the federal budget. "They should follow the law and let them lapse," Former U.S. Federal Reserve Chairman Alan Greenspan told Bloomberg News Thursday, citing the need for tax revenue to cut the U.S. nearly $1.6 billion budget deficit.
President Bill Clinton was last U.S. president to run a budget surplus, recording budget surpluses in the final four years of his administration.
President George W. Bush's 2001 $1.1 trillion tax cut instantaneously turned a budget surplus into a roughly $200 billion budget deficit.
Tax Reform in This Election Year: It's Not Likely
Which Credit Card Rewards Does the IRS Care About?
Want to sum up the United States' fiscal situation in a word? 

