Senator Gregg: Obama Budget Will Bankrupt The U.S.

Posted: Mar 22, 2009 5:51 PM
Sen. Judd Gregg who declined to accept President Obama's offer as Commerce Secretary appeared on John King's "State of the Union" on Sunday and said this: "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." Get more details HERE.