Greenspan upbeat about economy

With the war in Iraq over, Federal Reserve chairman Alan Greenspan told Congress he expects a "noticeably better" growth rate for the economy, but isn't sure about when the recovery will begin or how big it will be.

Greenspan said President Bush's proposed $726 billion tax cut is also not needed to stimulate the economy.

Tax cuts without concurrent reductions in federal spending will eventually boost deficits and pressure the Fed to raise interest rates to slow inflation, Greenspan said.