FED CHIEF CALLS FOR BUDGET REINS.(BUSINESS)

Byline: JEANNINE AVERSA Associated Press

WASHINGTON -- Federal Reserve Chairman Alan Greenspan said Wednesday that President Bush's three rounds of tax cuts prevented a severe recession and helped spark the current economic recovery.

But he warned that Congress must pay attention to the long-term consequences of its spending and tax decisions in order to keep rising budget deficits from harming the country's growth potential.

Greenspan said that ``what we are missing is a process, a long-term outlook'' of the impact of spending and tax decisions on the budget.

``We need a mechanism which adjusts programs as we move forward,'' Greenspan …