alan greenspan talks about overhauling the u.s. tax code and eliminating loopholes. he testified with other economists and a former michigan gov. john engler, who is the president of the business roundtable. bill nelsonommittee. the hearing is two hours. >> if this congress does not get serious, then the structural budget imbalances facing this economy could permanently reduce the labor productivity and economic growth for years to come. a launching point for getting our fiscal house in order should haul of the federal income tax code. if that means lowering tax rates, eliminating tax expenditures, and other loopholes, and simplifying the tax code, then so be it. we hear a lot about entitlement programs, so security and medicare in particular. -- social security and medicare in particular. we do not hear about that 250 entitlement programs put into the tax code. the various tax credits, deductions, and exclusions grafted on to the tax code are entitlement programs, pure and simple. and if you are eligible, you can claim the benefit. and it is in the expenditure. and there is no application process in order to get this benefit. and there is no annual or even periodic review of those expenditures' effi