Greenspan: Controlling Gov't Debt Will Be Painful

By the Associated Press | September 13, 2011 | 2:45 PM EDT

WASHINGTON (AP) — Former Federal Reserve Chairman Alan Greenspan says there is no credible way to control the government's debt without inflicting pain on the economy.

Greenspan is telling members of a Senate Finance Committee Tuesday that the country has waited too long to address the problem.

In prepared remarks, he says an overhaul of the tax code must be part of any effort to solve the country's budget problem.

Greenspan expressed support for a deficit-cutting plan written earlier this year by House Budget Committee Chairman Paul Ryan, R-Wis., which Democrats have attacked for revamping the Medicare health care program for seniors.

Greenspan spoke as President Barack Obama and Congress begin an autumn of dueling over job creation and deficit reduction.