Alan Greenspan is now worried about the regular, growing, yearly federal budget deficits and is shocked (Shocked!) that anyone might blame him, at least in part, for bringing them on.
His testimony was absurd in that it spoke of the need to cut funding to crucial programs as the only way out of structural deficits. Thing is, he advocated for both major rounds of Bush tax cuts -- only now admitting that his forecasts may have been a bit off the mark.
Of course, on a certain level he is right: The amount of money that the government spends on programs should bear some resemblance to the amount of revenue that it collects. However, in the year 2005, talking about revenue shortfalls out of the context of the last four and a half years strains credibility.