{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-572d6a42.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-f4d0de30.css\" media=\"all\" /\u003e\n\u003cdiv data-title='USA: GREENSPAN WARNING ON PROJECTED BUDGET SURPLUSES' data-url='/boclips/videos/5c54bc59d8eafeecae12bf64' data-video-url='/boclips/videos/5c54bc59d8eafeecae12bf64' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nUSA: GREENSPAN WARNING ON PROJECTED BUDGET SURPLUSES\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eEnglish/NatU-S Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to exercise caution in deciding how to deal with projected budget surpluses.Testifying before the House Budget Committee, Greenspan argued that the...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eEnglish/Nat\u003cbr/\u003eU-S Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to exercise caution in deciding how to deal with projected budget surpluses.\u003cbr/\u003eTestifying before the House Budget Committee, Greenspan argued that the booming    U-S economy may yet hold unpleasant surprises, and the surpluses may never materialise.\u003cbr/\u003eHe reiterated the warnings he made last week that the impact of the Asian financial crisis may have a significant knock-on effect on the U-S.\u003cbr/\u003eAlan Greenspan appeared before the House Budget Committee on Wednesday - one day after the Congressional Budget Office predicted a federal budget deficit of eight (b) billion dollars for 1998.\u003cbr/\u003eThe Federal Reserve Chairman's message throughout his speech was that while the figures were the fruit of the U-S economic performance of 1997, the best course for the future would be to build up a considerable surplus.\u003cbr/\u003eHe warned of the need to keep inflation down, particularly in view of possible repercussions from the Asian economic crisis. \u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"The depth of the adjustment abroad will depend on the extent of the weakness in the financial sectors of Asian economies, and the speed with which structural inefficiencies in the financial and non-financial sectors of these economies are corrected.  If, as we suspect, the restraint coming from Asia is sufficient to bring the demand for American labour back into line with the growth in the working age population, desirous of working, labour markets will remain unusually tight.  But any intensification of inflation should be delayed, very gradual and readily reversible.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003eGreenspan warned that Asia could still turn out to be the greatest threat to the U-S economy.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"On the one hand, should the momentum of domestic spending not be offset significantly by Asian or other developments, the American economy will be on a track along which spending could press too strongly against available resources, to be consistent with contained inflation.  On the other hand, we also need to be alert to the possibility that forces from Asia might damp activity and prices by more than is desirable by exerting a particularly forceful drag on the volume of net exports, and the prices of imports.\"\u003cbr/\u003eSUPER CAPTION: Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003eThe budget forecast has been revised from earlier predictions of a deficit of five (b) billion dollars.\u003cbr/\u003eBut Greenspan urged restraint against plans to spend the unexpected windfall - the first surplus for three decades.\u003cbr/\u003eSOUNDBITE: (English)\u003cbr/\u003e\"But the good news of late, on the budget, has unleashed an outpouring of proposals that, if adopted, do not bode well for the maintenance of fiscal discipline.  Although many of the individual budget proposals may have merit, they must be considered only in the context of a responsible budget strategy for the longer run.\"  \u003cbr/\u003eSUPER CAPTION: Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003ePrivate economists see Greenspan's views as an indication that the central bank will leave interest rate policy unchanged, at least until the middle of the year when there's a better reading of Asia's impact on the United States.\u003cbr/\u003eWashington D-C, U-S-A - 4 March 1998\u003cbr/\u003e1. Mid shot, side view Greenspan speaking\u003cbr/\u003e2. Cutaway House Budget Committee members\u003cbr/\u003e3. SOUNDBITE: (English) Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003e4. Cutaway committee member\u003cbr/\u003e5. SOUNDBITE: (English) Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003e6. Cutaway committee members\u003cbr/\u003e7. SOUNDBITE: (English) Alan Greenspan, U-S Federal Reserve Chairman\u003cbr/\u003e8. Wide shot committee meeting\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eCurator Rating\u003c/dt\u003e\n\u003cdd\u003e\u003cspan class=\"star-rating\" aria-label=\"3.5 out of 5 stars\" role=\"img\"\u003e\u003ci class=\"fa-solid fa-star text-action\" aria-hidden=\"true\"\u003e\u003c/i\u003e\u003ci 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class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eDate\u003c/dt\u003e\n\u003cdd\u003e1998\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003ci aria-hidden='true' class='fai fa-solid fa-language'\u003e\u003c/i\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\u003cdt\u003eAudiences\u003c/dt\u003e\u003cdd\u003e\u003cspan\u003e\u003ca href=\"/search?audience_ids%5B%5D=371079\u0026amp;keywords=problem+solving+-math\u0026amp;page=26\u0026amp;search_tab_id=1\"\u003eFor Teacher Use\u003c/a\u003e\u003c/span\u003e\u003c/dd\u003e\u003cdd class=\"text-muted\"\u003e\u003ci class=\"fa-solid fa-lock mr5\"\u003e\u003c/i\u003e2 more...\u003c/dd\u003e\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003cdiv class='detail'\u003e\n\u003cdl\u003e\n\n\u003c/dl\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='concepts-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='concepts-heading'\u003eConcepts\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list concepts' data-identifier='Boclips::VideoDecorator' data-type='concepts'\u003eprices, proposals, asia, inflation, business, economy, north america\u003c/div\u003e\n\u003cdiv class='concepts-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003cbutton aria-expanded='true' class='less btn-link' style='display: none;' type='button'\u003e\n\u003cspan\u003eShow Less\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-up ml5'\u003e\u003c/i\u003e\n\u003c/button\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='additional-tags-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='additional-tags-heading'\u003eAdditional Tags\u003c/h2\u003e\n\u003cdiv class='clearfix'\u003e\n\u003cdiv class='details-list keyterms' data-identifier='Boclips::VideoDecorator' data-type='keyterms'\u003enational budgets, federal reserve system, banking and credit, government budgets, hand, asian, government finance, financial crisis, line, financial, united states government, spending, working, united states, government and politics, financial services, industries, financial sectors, government business and finance, budget, legislature, restraint, financial markets, national governments, economies, central banking, alan greenspan\u003c/div\u003e\n\u003cdiv class='keyterms-toggle-buttons' data-identifier='Boclips::VideoDecorator'\u003e\n\u003cbutton aria-expanded='false' class='more btn-link' type='button'\u003e\n\u003cspan\u003eShow More\u003c/span\u003e\n\u003ci aria-hidden='true' class='fa-solid fa-caret-down 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