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Summit on budget deficit called for by Greenspan

Economist Alan Greenspan, warning that huge federal budget deficits pose a long-term threat to the US economy, called for an economic summit between President Reagan and congressional leaders to solve the problem.

Speaking at a workshop session of the National Govenors Conference here, Mr. Greenspan, a sometime adviser to the President, parted company with the administration and said both tax increases and spending cuts were needed to bring the deficit under control.

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In an earlier speech to the governors, Vice-President George Bush made it clear that tax increases were not the administration's answer to the deficit crisis.

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