http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2005/03/15/financial/f102324S14.DTLAlan Greenspan and Sen. Hillary Rodham Clinton clashed briefly Tuesday over rosy surplus forecasts the Federal Reserve Chairman relied on to support President President Bush's 2001 tax cuts, estimates that turned out to be considerably off the mark.
"It turns out that we were all wrong," Greenspan conceded at a Senate hearing.
"Just for the record, we were not all wrong, but many people were wrong," Clinton, D-N.Y., quickly shot back.
Greenspan lent critical support for Bush's first-term tax cuts, saying they would stimulate the then-ailing economy. Clinton and many Democrats voted against the tax cuts, arguing that they would mainly benefit the wealthy and that federal deficits would balloon.
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