US rebuffs French remarks on Greenspan

US officials have sought to defuse a potentially embarrassing situation after France's Finance Minister, Thierry Breton, told reporters in Washington that Alan Greenspan had admitted America had "lost control" of its budget.

In a revelation after a meeting between Thierry Breton and Mr Greenspan, M. Breton told reporters: "'We have lost control,' that was his [Mr Greenspan's] expression.

"The US has lost control of their budget at a time when racking up deficits has been authorised without any