Fed's Gramlich urges cuts to US deficits

Federal Reserve Governor Edward Gramlich said in a speech the U.S. twin deficits should be cut soon because fiscal remedies will become tougher when the retirement of the baby boom generation strains public finances.

"Obviously the broader problem is this whole low national savings rate and international borrowing that I mentioned," he told reporters when asked about recent European complaints about the strength of the euro currency after giving a speech to an arts college.

In his speech, the

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