Publisher's Synopsis
Excerpt from The 1994 Economic Report of the President: The Economic Outlook: Hearing Before the Joint Economic Committee, Congress of the United States, One Hundred Third Congress, Second Session; January 31, 1994
Mr. Greenspan. There is a fairly significant in?ation expectation embodied in long-term nominal interest rates and if in?ation over the longer term is expected to be less than is currently embodied in those rates, long-term rates will probably fall.
Senator bennett. And that, Of course, produces a tremendous benefit to the deficit. I think the drop ing Of interest rates in the cost of financing the deficit has had as much to do with bringing the deficit down as some Of the things Congress has done.
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