Republican Sen. Tom Coburn says confidence in the country's economy and currency will be "undermined significantly" in the next several years if the government doesn't find a way to cut federal spending.
Coburn says the U.S. must begin to chip away at the country's huge debt and slash hundreds of billions from the budget in wasteful spending or face the kind of severe fiscal crisis that has plagued Ireland and Greece.
The Oklahoma Republican offered his grim view on the country's future while speaking on "Fox News Sunday."
Coburn says all Americans must make sacrifices to secure the country's fiscal future. He says he could find more than $300 billion a year in spending that could be cut without objection from the American people.