U.S. Federal Reserve Chairman Alan Greenspan said Thursday that new tax cuts should be offset through spending cuts or tax increases. Supporters of the offset system, also known as "pay as you go" (PAYGO), said it would help keep the U.S. deficit from growing. "I'm not in favour of tax cuts without the issue of a PAYGO issue," Greenspan said, adding that he trusts that Congress will reinstitute PAYGO as quickly as possible. Greenspan also said that he is "wholly supportive" of expanding U.S. immigration policies. The central bank chairman added that immigration is "good for the country". Greenspan also confirmed that the Social Security programme would benefit from immigration but stressed that this is not the reason why he supports an expansion of immigration policies. ---SP 0034 Local Time 2134 GMT
