Thomas Daschle: “a couple of days ago marked the longest economic expansion in U.S. history: 107 months. Alan Greenspan deserves credit…”

“a couple of days ago marked the longest economic expansion in U.S. history: 107 months. Alan Greenspan deserves credit for coordinating closely with the administration foster that growth. Mr. Greespan has been described as a master of the art of monetary policy. He has certainly learned and grown in office. His renomination deserves our full support. President Clinton renominated Chairman Greenspan for two reasons: Our unprecedented record of economic success; and his ability to coordinate Fed monetary policy with our fiscal policy. Those two reasons are, in fact, inseparable. It is the marriage of fiscal and monetary policy that created and has sustained current economic expansion. This successful working partnership has worked despite his being a lifelong Republican--though we would gladly welcome him as a Democrat. The best illustration of Mr. Greenspan's ability to coordinate closely with administration is the 1993 economic plan. Mr. Greenspan signaled that if the new President attacked the deficit aggressively, it would produce lower interest rates. The President followed that advice. A Democratic Congress passed that plan. As a result, we have gone from the biggest budget deficits in U.S. history to the biggest surplus. Largely as a result of the 1993 economic plan, we now have the lowest interest rates since WWII. We have created more than 20 million new jobs. Unemployment is at the lowest level in 30 years.”