WASHINGTON — Federal Reserve Chairman Alan Greenspan gave strong marks for the economy’s future on Tuesday, but he said spending by consumers — often cited for rescuing the economy from last year’s brief recession and keeping things afloat since — will be tempered in the near term.

"Because consumer and residential expenditures did not decline during the overall downturn, there is little pent-up demand to be satisfied," Greenspan said in remarks before the Senate Banking Committee. "Consequently, a surge in household spending early in this recovery is unlikely."

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