President Barack Obama’s massive spending is putting the U.S. on a course similar to the fiscal situation in Greece, according to Sen. Chuck Grassley.
The Iowa Republican tweeted Monday that “Considering CBO analysis of Obama Budget tripling natl debt the Pres is "Greece-ing" the slide to American mediocracy. Awake my colleagues,” The Hill reported.
Grassley, the top Republican member of the Senate Finance Committee, has been a staunch opponent of Obamacare, cap-and-trade, and other heavy spending plans pushed by the Democrats.
Last week, the Congressional Budget Office's (CBO) director, Douglas Elmendorf, reported that the fiscal policy in the U.S. is "unsustainable," with spending on entitlement programs only set to eat up a greater share of the budget in the years to come.
Spurred by a glut of government spending, particularly on infrastructure for the 2004 Summer Olympics in Athens, the Greek debt was 113 percent of gross domestic product (GDP) at the end of 2009, necessitating a bailout from other nations. The European Union offered $40 billion to help aid Greece in its debt obligations over the weekend.
Obama, meanwhile, established a bipartisan commission by executive order that is charged with trying to assemble recommendations to get spending under control. Those recommendations, due after the election this year, have been promised an up or down vote in the House and the Senate.
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