"The elimination of the double taxation of dividends and significant cuts in higher marginal rates will elevate long term productivity in the country. If, however, in the process you get significant increase in deficits which induce a rise in long term interest rates, you will be significantly undercutting the benefits that will be achieved from tax cuts."

Here is a representative sample of how the networks interpreted that remark. This was Peter Jennings' spin on ABC:

"On Capitol Hill today, the Federal Reserve Chairman, Alan Greenspan, said again that large tax cuts may lead to a larger federal budget deficit and would not likely stimulate the economy. Mr. Greenspan said that any tax cut, such as the one sought by the President, need to be offset by tax increases in other areas or a reduction in government spending."