In his last speech to the Federal Reserve before retiring, Federal Reserve Chairman Alan Greenspan again warned about the economic risks posed by long-term budget deficits and an escalating national debt. Greenspan described the risk of sustained deficits on the U.S. economy over the long-term as "severe" and urged swift action to begin instituting policies to correct structural problems. Greenspan again supported budget rules, such as pay-as-you-go (PAY-GO) rules, for Congress to help "craft a budget strategy that meets the nation's longer- run needs." A few weeks ago, Sen. Tom Coburn (R-OK) shifted his position on true PAY-GO rules and now 51 Senators are on record supporting the mechanism that helped to lower deficits and produce surpluses between 1997 and 2002.