Friendly Fire At The Fed

Soon after President Clinton took office, the White House began a torrid--and highly public--courtship of Federal Reserve Board Chairman Alan Greenspan. Clinton aides wooed the Fed chief in hopes he would bless their plan to cut the federal budget deficit. Greenspan, perhaps lobbying for reappointment in 1996, responded, calling the plan "credible," and even served as an Administration prop when he sat next to First Lady Hillary Rodham Clinton at the State of the Union Address in February. Since then, White House and Fed economic policies have been in synch, creating an unusually long honeymoon.

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