Here come the TAX INCREASES

Alan Greenspan is warning of possible problems with the national deficit.

WASHINGTON (Reuters) – Former Federal Reserve Chairman Alan Greenspan on Thursday backed a call for creation of a bipartisan commission to make the tough calls needed to cut the record federal deficit.

"I trust any such taskforce will address the very thorny issue of the asymmetrical consequences of too much or too little fiscal restraint," Greenspan said.

The 18-member commission would weigh tax increases, spending cuts and other approaches needed to prevent the ballooning national debt -- currently at $12 trillion -- from compromising the United States' long-term strength.

The commission -- a tried-and-true Washington tactic for politicians to offload painful choices -- could make it easier for lawmakers to sign off on unpopular measures like trimming retirement spending or raising taxes to get the budget back in line.

How in the world is this commission going to address "spending cuts?" The house just approved a measure to increase the debt limit by $290 billion. Does anyone "really" buy into this mess?

The result of the commission's findings will result in a recommendation of tax increases. If the government is increasing the debt ceiling, how is there any hope of reducing the deficit? This is surreal.

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