Alan Greenspan- "Country can't afford McCain's tax cuts"

So John, where would we cut spending? Maybe all those nice earmarks your VP scrabbled for last year and this one?

WASHINGTON— Alan Greenspan says the country can't afford tax cuts of the magnitude proposed by Republican presidential contender John McCain -- at least not without a corresponding reduction in government spending.

"Unless we cut spending, no," the former Federal Reserve chairman said Friday when asked about McCain's proposed tax cuts, pegged in some estimates at $3.3 trillion.

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McCain has said that he would offset his proposed cuts -- including reducing the corporate tax rate and eliminating the Alternative Minimum Tax that has plagued middle-class families -- by ending congressional pork-barrel spending, unnecessary government programs and overhauling entitlement programs such as Medicare and Social Security.

Democrats pounced on Greenspan's comments, in part because McCain professed last year that he was weaker on economics than foreign affairs and was reading Greenspan's memoir, "The Age of Turbulence," to educate himself.

"Obviously he needs to go back to that book and study it some more," Sen. Claire McCaskill, D-Mo., said during a conference call arranged by the campaign of Democratic nominee Barack Obama.