WASHINGTON -- The United States is making progress in paring back corporate and individual debt, but repayment burdens are likely to continue impeding economic growth for several years, Federal Reserve Board Chairman Alan Greenspan said Friday.

"The 50-mile-an-hour headwinds which troubled greater growth several years ago have now come down to perhaps 20 or 25 miles an hour," Greenspan told the National Italian American Foundation in a luncheon speech.

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