Tags: gregg | obama | meltdown

Gregg: U.S. Facing Fiscal Meltdown

Sunday, 15 Nov 2009 05:10 PM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The Republican President Barack Obama once nominated as commerce secretary said Sunday that the U.S. is on the brink of a fiscal meltdown that will give it “third-class status as a nation.”

Sen. Judd Gregg, R-N.H., the senior Republican on the Senate Budget Committee, told C-SPAN that the biggest problem faced by the country is “the impending fiscal meltdown of our nation.” a risk he said is only exceeded by the risk of a terrorist attack using weapons of mass destruction.

“We’re taking ourselves down the road to third-class status as a nation,” Gregg said in the interview, which focused on the pending healthcare debate in the Senate that is expected to start this week.

Gregg criticized a rush of government spending for adding to the debt. But he also said entitlement spending is the real long-term budgetary problem facing the country.

Special: Get Sarah Palin’s New Book – Incredible FREE Offer -- Click Here Now.

Last year’s deficit was a record $1.4 trillion, up more than $900 billion from the previous year. The budget was inflated because of much lower tax revenues, which were down because of the worst recession in generations, and government spending intended to stimulate the economy and rescue the financial industry.

Gregg said he would support a move to freeze discretionary spending.

“We almost don’t have to do anything to explain it,” said Gregg. “This is not difficult to understand. We don’t want to be a debtor nation. We don’t want to be a third-class nation.”

Read the full story at The Hill

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved