Former Federal Chief: U.S. Can’t Afford Trump’s Infrastructure Plan

Former Federal Reserve Chairman Alan Greenspan questions the president's $1 trillion infrastructure update.

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President Donald Trump's call to spend $1 trillion updating the nation's infrastructure systems is missing the key element of how to pay for it, former Federal Reserve Chairman Alan Greenspan told CNBC on Thursday.

"The question is who is financing this trillion dollars in infrastructure," Greenspan said on "Squawk on the Street," from the sidelines of the spring meeting of the IMF and the World Bank in Washington.

"At the moment, we can't afford it," he said, arguing the U.S. has "too much debt."

The White House has said it plans to leverage public-private partnerships to defray costs for the president's infrastructure plans. But most of the details on how to pay for them have not been hashed out yet.

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