Again… Sen. Gregg Warns That Obama Will Bankrupt the Country
The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation’s financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama’s massive budget proposal will bankrupt the country.
Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration’s economic policies.
Last week Senator Gregg told Treasury Secretary Geithner that his budget forecast was a lie.
“Your listeners have to understand how staggering the numbers are. We’re talking about a deficit in the trillion-dollar range for as far as the eye can see. We’re talking about deficits which are 4% to 5% of GDP – which is not sustainable under any form of government. We’re talking about a public debt – this is a debt that people own of the federal government – that will be around 80% of GDP. Historically, it’s been around 40% of GDP in the out years. The practical implication of this is bankruptcy for the United States. There’s no other way around it.”