Gregg: 'This country will go bankrupt'
 

Gregg: 'This country will go bankrupt'
Posted: 10:53 AM ET

From CNN Associate Producer Martina Stewart
http://i2.cdn.turner.com/cnn/2009/im...tu0322.cnn.jpg GOP Sen. Judd Gregg warned Sunday that the country might be headed for a fiscal crash if spending isn't controlled.

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WASHINGTON (CNN) – Even though he was almost a member of the new Obama administration, New Hampshire Republican Judd Gregg Sunday slammed President Obama’s approach to handling the country’s fiscal outlook.
“The practical implications of this is bankruptcy for the United States,” Gregg said of the Obama’s administration’s recently released budget blueprint. “There’s no other way around it. If we maintain the proposals that are in this budget over the ten-year period that this budget covers, this country will go bankrupt. People will not buy our debt, our dollar will become devalued. It is a very severe situation.”
Gregg, known as one of the keenest fiscal minds on Capitol Hill, also told CNN Chief National Correspondent John King that he thought it was “almost unconscionable” for the White House to continue with its planned course on fiscal matters with unprecedented actual and projected budget deficits in the coming years.
“It is as if you were flying an airplane and the gas light came on and it said ‘you 15 minutes of gas left’ and the pilot said ‘we’re not going to worry about that, we’re going to fly for another two hours.’ Well, the plane crashes and our country will crash and we’ll pass on to our kids a country that’s not affordable.”






I don't think we are going to have to wait 10 years

But again other than printing money the only solution is us all to give up a large portion of our earnings and go back to the 60's

Didn't #^&#^&#^&#^& Cheney educate us that Reagan proved deficits don't matter?

-spence

It is a classic agrument
Print more money, causes devaluation in the in the market place, higher interest rate for US t-bills

Maybe we'll get a 10,000 unit bill like the lira, Rubie, and other world currencies

I been saying it right along....if you think it can't happen...think again!:hs: Keep spending the money like we have it though!!:af: