Tags: debt | crisis | shelby | cliff

Sen. Shelby: US in Danger of European Style Debt Crisis

By Newsmax Wires   |   Wednesday, 02 Jan 2013 05:03 PM

The United States risks a debt crisis just like Europe’s if we don’t get our act together soon on the budget, says Sen. Richard Shelby, R-Ala.

He was one of eight senators to vote against the fiscal cliff agreement.

“We’re always wanting to spend and promise and spend and borrow, but not cut,” he told Fox News Wednesday. “We’ve got to get real about this. We’re headed down the road that Europe’s already on.”

Greece, Spain, and Italy have been thrown into financial and social crises thanks to their exploding debt, and much of Europe is now in recession, reports Politico.

Shelby was disappointed that Democrats and Republicans once more failed to reach a comprehensive budget deal.

“I [would have liked] to see a grand bargain,” he said. “And I believe if we would have held out, maybe it would have done something . . . We need fundamental tax reform. We need to reform our entitlements. We need to look at the spending ledger.”

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